AM Online

Hertz sold by Ford

Car rental giant Hertz has been sold in a multi-billion pound deal to a private investor group.

It has been sold by Ford in a deal worth $15 billion, which includes $10 billion of debt so gives Ford $5.6 billion (£3.1 billion) for the business.

Ford’s chief financial officer Don Leclair said: ‘This transaction reinforces our commitment to strengthening our balance sheet and investing in our core automotive business.

‘Hertz is a world-class company with an experienced management team. We look forward to working with the new owners and intend to maintain our strong commercial relationship with Hertz.’

The new owners are investment firms Clayton Dubilier & Rice, The Carlyle Group, with backing from Merrill Lynch Global Private Equity. The deal is subject to regulatory approval and is expected to be completed by the end of the year.

If you are not a registered user your comment will go to AM for approval before publishing. To avoid this requirement please register or login.

Login to comment


No comments have been made yet.