Hertz completes $2.3B purchase of Dollar Thrifty
NEW YORK (AP) — Hertz Global Holdings Inc. said Tuesday it completed its acquisition of Dollar Thrifty Automotive Group Inc. — a deal that was years in the making.
Hertz, which caters to business travelers, says the $2.3 billion deal with allow it to compete across the three levels of service in the car rental industry — from budget to premium.
Hertz, based in Park Ridge, N.J., will have to sell some assets as part of the Federal Trade Commission's approval of the deal, including its Advantage business. That means a handful of locations around the country will close.
The deal closing was delayed for about a month as the companies worked to satisfy the government's rulings.
After more than two years of trying to buy Tulsa, Okla.-based Dollar Thrifty, Hertz finally reached a deal for the company in August. The bid valued Dollar Thrifty at $87.50 per share.
Hertz shares rose 24 cents to $15.03 in premarket trading. The stock has traded between $9.95 and $16.64 in the past 52 weeks, and is up more than 26 percent since the start of the year.