Hertz To Raise $2.5B With Spinoff Of Equipment Rental Unit

Law360, New York (March 18, 2014, 1:56 PM EDT) -- The Hertz Corp. said on Tuesday that it will spin off its equipment rental business in a plan expected to raise $2.5 billion to repay debt in addition to allowing each unit to focus on its individual priorities.

The Hertz Corp., a subsidiary of Hertz Global Holdings, Inc., will be split into two separate businesses: Hertz and the Hertz Equipment Rental Corp., or HERC. Hertz will consist of the company's rental car businesses, including its namesake, and Dollar Thrifty Automotive Group Inc. HERC will rent equipment...
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