September 13, 2005
Ford to sell Hertz rental agency
Dearborn, Michigan – The Ford Motor Company has announced that it will sell all shares of common stock in its wholly-owned subsidiary, the Hertz Corporation, in a transaction valued at approximately US$15 billion, including debt. The acquiring investor group is composed of Clayton Dubilier & Rice, The Carlyle Group and Merrill Lynch Global Private Equity. Ford will receive US$5.6 billion for the equity of Hertz.
The purchase is subject to customary conditions and is anticipated to be completed by the end of 2005. Hertz operates the largest general-use car rental business in the world, and its revenues make it one of the largest industrial, construction and material handling equipment rental businesses in North America.