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Hertz Global Holdings Inc approves separation of equipment rental business

Tuesday, 18 Mar 2014 06:00am EDT 

Hertz Global Holdings Inc:Approves plans to separate into two independent, publicly traded companies.Two companies will be 'Hertz', comprised of Hertz, Dollar, Thrifty and Firefly rental car businesses as well as Donlen, a provider of fleet leasing and management services, and 'HERC', Hertz Equipment Rental Corporation.Separation is planned to be in form of tax-free spin-off to Hertz shareholders, and company has received Private Letter Ruling from Internal Revenue Service that allows Hertz to separate businesses in a tax-efficient manner.Hertz expects separation of HERC to close by early 2015.Hertz will receive net cash proceeds from HERC spin-off of about $2.5 bln that will be used to pay down Hertz debt and support newly approved $1 bln share repurchase program.Majority of shares are likely to be purchased following the HERC separation, dependent on market conditions.Share repurchases could reach 20 pct of Hertz's outstanding shares of common stock, which includes the $1 bln already approved. 

Company Quote

-0.54 -2.98%
4:03pm EDT