Thursday, 20 September 2012 15:47

Hertz Buys Dollar Thrifty

Hertz will acquire Dollar Thrifty after years of back and forth negotiations.

Hertz Global Holdings and Dollar Thrifty Automotive Group announced Aug. 26 that the two companies have entered a definitive merger agreement. Hertz will purchase Dollar Thrifty for $87.50 per share in cash, translating into a purchase worth a corporate enterprise value of approximately $2.3 billion.

Each of the two companies’ boards has unanimously approved the transaction.

The company stressed that the “closing of that divestiture is conditioned upon, among other things, Hertz completing an acquisition of Dollar Thrifty.”

Hertz chairman and chief executive officer Mark Frissora said, “We are pleased to have finally reached an agreement with Dollar Thrifty after a lengthy—but worthwhile—pursuit.

We have always believed that a combination with Dollar Thrifty is the best strategic option for both companies. The transaction provides Hertz instant scale with two new, well-established brands with airport concession infrastructure in the mid-tier value segment.”

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