Hertz gets clearance for Dollar Thrifty takeover
Hertz has reached an agreement with the US Federal Trade Commission (FTC) allowing it to complete the acquisition of Dollar Thrifty.
Under the terms of the agreement, Hertz is required to divest its Advantage business, selected airport concessions and certain other assets following the acquisition.
“We have reached a compelling agreement with the FTC and are pleased to finally move forward as one company,” said Hertz’s chairman & CEO, Mark Frissora. “We have always believed that a combination with Dollar Thrifty is the best strategic option for both companies, and we look forward to becoming a stronger global competitive player in the industry. We are confident that the employees, customers and shareholders of both companies will benefit from the value this combination will create.”
Hertz has already reached an agreement to sell certain assets to Adreca Holdings – a subsidiary of Macquarie Capital which is operated by Franchise Services of North America. Hertz has also agreed to commercially support 13 of Adreca’s airport locations, and will use these hubs to operate its Dollar and Thrifty brands.
Hertz had previously reached an agreement to purchase Dollar Thrifty for approximately US$2.6 billion.