Ford Selling Hertz
Pushing up the bottom line eh?
Ford Motor Co. said on Monday it would sell its rental subsidiary Hertz Corp. to a private equity group for $5.6 billion, allowing the auto maker to strengthen its finances as it struggles with stiffening competition and rising costs.
Ford plans to sell all of its Hertz shares to a private equity group composed of Clayton Dubilier & Rice, Carlyle Group and Merrill Lynch Global Private Equity.
Including debt, Ford valued the transaction at $15 billion, and said it expected the deal to close by year end.
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