CD&R, Carlyle, BofA sell off remaining Hertz stake for $1.24 billion

NEW YORK Mon May 6, 2013 8:32pm EDT

A Hertz sign is seen outside a rental car office in Ferndale, Michigan May 9, 2011. REUTERS/Rebecca Cook

A Hertz sign is seen outside a rental car office in Ferndale, Michigan May 9, 2011.

Credit: Reuters/Rebecca Cook

Related Topics

NEW YORK (Reuters) - Hertz Global Holdings Inc (HTZ.N) said on Monday that private equity firms Clayton, Dubilier & Rice and Carlyle Group (CG.O), as well as Bank of America Merrill Lynch (BAC.N), have sold off their remaining shares in the car rental agency for $1.24 billion.

CD&R, Carlyle and Bank of America Merrill Lynch sold 49.8 million shares for $24.96 each, Hertz said in a press release. Before the sales, CD&R and Carlyle were the second and third largest shareholders in Hertz, respectively, according to Thomson Reuters data.

Bank of America Merrill Lynch, CD&R and Carlyle Group bought Hertz from Ford Motor Co (F.N) in December 2005 for $5.6 billion. Including debt, the deal was worth $15 billion. Hertz did an initial public offering the following year.

(Reporting by Phil Wahba; Editing by Stephen Coates)

FILED UNDER:
Comments (0)
This discussion is now closed. We welcome comments on our articles for a limited period after their publication.

California state worker Albert Jagow (L) goes over his retirement options with Calpers Retirement Program Specialist JeanAnn Kirkpatrick at the Calpers regional office in Sacramento, California October 21, 2009. Calpers, the largest U.S. public pension fund, manages retirement benefits for more than 1.6 million people, with assets comparable in value to the entire GDP of Israel. The Calpers investment portfolio had a historic drop in value, going from a peak of $250 billion in the fall of 2007 to $167 billion in March 2009, a loss of about a third during that period. It is now around $200 billion. REUTERS/Max Whittaker   (UNITED STATES) - RTXPWOZ

How to get out of debt

Financial adviser Eric Brotman offers strategies for cutting debt from student loans and elder care -- and how to avoid money woes in the first place.  Video