Deal Snapshot
Hertz Global to Sell Fleet Management Subsidiary to Athene Holding
Friday 27 November 2020

US-based car rental company Hertz Global Holdings, Inc. (OTC: HTZGQ) has entered into a stock and asset purchase agreement to sell substantially all of the assets of its wholly-owned fleet management subsidiary Donlen Corp to financial services company Athene Holding Ltd (NYSE: ATH) for an anticipated cash payment of USD 825m, the company said.

This sum is subject to adjustments for fleet equity, working capital and assumed debt. Hertz anticipates that these adjustments will result in a purchase price at closing of at least USD 875m. The agreement with Athene was reached following an initial marketing process.

Date Published: 27/11/2020