On Air Now

Listen

Listen Live Now » 95.5 FM Wausau, WI

Weather

Current Conditions(Wausau,WI 54403)

More Weather »
57° Feels Like: 57°
Wind: W 0 mph Past 24 hrs - Precip: 0.01”
Current Radar for Zip

Today

PM Thunderstorms 79°

Tonight

Partly Cloudy 56°

Tomorrow

Scattered Thunderstorms 79°

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

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. REUTERS/Rebecca Cook

NEW YORK (Reuters) - Hertz Global Holdings Inc said on Monday that private equity firms Clayton, Dubilier & Rice and Carlyle Group , as well as Bank of America Merrill Lynch , 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 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)

Comments