Hertz Global Holdings and Dollar Thrifty Automotive Group have announced that they have entered into a merger agreement under which Hertz would acquire Dollar Thrifty.
The transaction has been approved by the board of directors of both companies and is said to provide customers with a range of rental options, ranging from premium to value-brand vehicles.
Hertz Chairman and Chief Executive Officer, Mark P. Frissora, said: "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 US but in Europe and other markets, given Dollar Thrifty's strong international presence."
The deal is expected to increase efficiencies, as the company will have shared assets, eliminate duplicate functions and have the ability to negotiate better deals with suppliers as the two companies merge.
The successful completion of the transaction is subject to regulatory clearance by the Federal Trade Commission.
Hertz and Dollar Thrifty announce merger
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