Hertz Global Holdings will acquire Dollar Thrifty Automotive Group in a $2.3 billion acquisition, the companies announced.
The boards of directors of both companies have unanimously approved the transaction.
“Hertz has made a compelling offer to our stockholders that reflects the strength of our business and our team. Hertz is the logical partner for us with the resources to expand our value focused leisure brands in key car rental markets around the world,” Scott Thompson, President, CEO and Chairman of the Board of Dollar Thrifty, said in a news release. “After three years of merger-related activity and speculation, I am pleased that we have reached a win-win transaction for both Hertz and Dollar Thrifty.”
The combined company will offer “a full range of rental options through its strong premium and value brands,” Hertz said in a news release.
“We have always believed that a combination with Dollar Thrifty is the best strategic option for both companies,” Hertz Chairman and Chief Executive Officer, Mark P. Frissora said in a news release. “The transaction provides Hertz instant scale with two new, well-established brands with airport concession infrastructure in the mid-tier value segment.
“We’ll be a stronger global competitive player with a full range of rental options not only in the U.S. but in Europe and other markets given Dollar Thrifty’s strong international presence,” Frissora added. “In addition, we look forward to moving efficiently and swiftly through the regulatory process having reached an agreement to divest our Advantage brand.”
PR Newswire (http://s.tt/1lM5X)