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Hertz Acquires Dollar Thrifty

April 26, 2010 By: George Dooley

Hertz Global Holdings Inc. and Dollar Thrifty Automotive Group have signed a definitive agreement providing for Hertz to acquire Dollar Thrifty for a purchase price of $41 per share or nearly $1.6 billion. The transaction includes in a mix of cash and Hertz common stock, based on Friday's closing stock price.


"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," said Mark P. Frissora, Hertz's chairman and CEO.

“Together we will be able to compete even more effectively and efficiently against other multibrand car-rental companies, offering customers a full range of rental options in the U.S. between the Hertz, Dollar, Thrifty and Advantage brands. Dollar Thrifty also has a strong international presence, complementing our global footprint, which enables us to utilize a recognized brand to accelerate our leisure rental strategy in Europe and other markets,” he said.


“Financially, we believe the deal is attractive, accretive to earnings and structured to maintain Hertz's strong credit profile. We've identified at least $180 million of synergies already, primarily in fleet, IT systems and procurement, enabling our companies to operate at an even lower cost," he added.

Scott L. Thompson, Dollar Thrifty's president and CEO, said, "The combination of Dollar Thrifty with a larger company like Hertz will provide Dollar Thrifty with greater resources and the technology needed to expand our value focused leisure brands. We see the combination of our brands with Hertz's brands as very compelling."



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By George Dooley | April 26, 2010
Acquisition promises to provide new strengths to both brands.
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