Bloomberg News

Hertz to Move Home Base to Florida After Dollar Thrifty Deal (2)

May 07, 2013

Hertz Global Holdings Inc. (HTZ:US), the largest publicly traded U.S. auto-rental chain, said it will move its headquarters to Florida from New Jersey following its acquisition of Dollar Thrifty Automotive Group.

Hertz is relocating its home base to Estero, Florida, from Park Ridge, New Jersey, according to a statement. Dollar Thrifty, acquired in November, is based in Tulsa, Oklahoma.

As many as 700 jobs will be moved to Florida over a two- year period while more than 2,000 Hertz and Dollar Thrifty personnel will remain in New Jersey, the company said. That figure includes about 150 employees who work in Park Ridge. The move is scheduled to be completed in early 2015.

Hertz acquired Dollar Thrifty for $2.6 billion to solidify its position as the second-largest U.S. rental-car chain behind closely held Enterprise Holdings Inc. Avis Budget Group Inc. (CAR:US) is the third largest.

U.S. antitrust regulators are investigating whether Macquarie Group Ltd. (MQG)’s private-equity arm violated a consent decree allowing it to buy the Advantage rental car brand from Hertz, two people familiar with the matter have said.

Macquarie, in a joint venture with Franchise Services of North America Inc. (FSN), acquired Advantage under a Nov. 15 agreement with the U.S. Federal Trade Commission that let Hertz buy Dollar Thrifty.

Hertz fell 0.6 percent to $24.81 at the close in New York. The shares have gained 52 percent this year compared with the Standard & Poor’s 500 Index’s 14 percent increase.

To contact the reporter on this story: Bill Koenig in Southfield, Michigan at wkoenig@bloomberg.net

To contact the editor responsible for this story: Jamie Butters at jbutters@bloomberg.net


American Apparel's Future
LIMITED-TIME OFFER SUBSCRIBE NOW

(enter your email)
(enter up to 5 email addresses, separated by commas)

Max 250 characters

Companies Mentioned

  • HTZ
    (Hertz Global Holdings Inc)
    • $28.7 USD
    • 0.16
    • 0.56%
  • CAR
    (Avis Budget Group Inc)
    • $60.26 USD
    • 0.43
    • 0.71%
Market data is delayed at least 15 minutes.
 
blog comments powered by Disqus