Ford has completed the sale of rental car operation The Hertz Corporation to an investor group of leading private equity firms.
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The investor group, composed of Clayton Dubilier & Rice, The Carlyle Group and Merrill Lynch Global Private Equity, purchased the Hertz equity in a deal valued at approximately US$15bn including debt.
Under the terms of the agreement, which was entered into last September, Ford received $5.6bn in cash for the sale of its 100% ownership interest in Hertz. As a result of the sale, Ford will book a pre-tax gain in the fourth quarter of 2005 estimated in the range of $1.1bn to $1.3bn.
Hertz operates the largest general-use car rental business in the world and one of the largest industrial, construction and material handling equipment rental businesses in North America, based on revenues.
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