Hertz Signs Definitive Agreement to Acquire Dollar Thrifty
Hertz Global Holdings, Inc. (NYSE: HTZ) and Dollar Thrifty Automotive Group (NYSE: DTG) announced today that they signed a definitive agreement providing for Hertz to acquire Dollar Thrifty for a purchase price of $41.00 per share, in a mix of cash and Hertz common stock, based on Friday's closing stock price.
When completed, Hertz anticipates that the transaction will be immediately accretive to annual adjusted earnings per share.
Mark P. Frissora, Hertz's Chairman and Chief Executive Officer, said, "Combining Hertz and Dollar Thrifty is an excellent strategic fit. Dollar Thrifty is a $1.6 billion business with more than 1,550 corporate and franchise rental locations worldwide which, when combined with our global network, will serve rental customers on six continents from approximately 9,800 locations. Together we will be able to compete even more effectively and efficiently against other multi-brand car rental companies, offering customers a full range of rental options in the U.S. between the Hertz, Dollar, Thrifty and Advantage brands.
