Hertz completes purchase of Dollar Thrifty
After two years Hertz ready to take over Dollar / Thrifty car rental. They’ve stared the “bidding war” in April 2010 with the offer of $1.2 billion Avis also made an offer to buy DT. In Sept 2011 Avis stepped back from the deal which left only Hertz as a potencial buyer.
Hertz has bought rival Dollar Thrifty for approximately $2.3bn, which is about twice what it offered two years ago.
Earlier attempts by Hertz to buy the budget car rental giant were blocked by regulators, but it will appease them this time round by selling its own budget brand, Advantage, to Franchise Services of North America and Macquarie Capital.
The merger of the Hertz and Dollar Thrifty brands will save about $160m a year and Hertz said it would enable it to expand.
After this move three big players will control most of the car hire market in the United States Hertz/Dollar/Thrifty – Avis/Budget – Enterprise/Alamo/National.
Source: http://www.travelmole.com/news_feature.php?news_id=2002861
