NEW YORK (AP) — Antitrust regulators on Thursday cleared Hertz Global Holdings Inc.'s proposed purchase of competing rental car company Dollar Thrifty Automotive Group Inc.
The Federal Trade Commission is requiring Hertz it to sell its Advantage Rent a Car business and the rights to operate 29 Dollar Thrifty on-airport locations around the country. Hertz had already agreed to sell Advantage to Franchise Services of North America and Macquarie Capital in a deal connected to its purchase of Dollar Thrifty.
After more than two years of trying to buy Dollar Thrifty, the Park Ridge, N.J., company agreed to buy it for $2.3 billion in August. The bid values Dollar Thrifty at $87.50 per share. Hertz's tender offer for Dollar Thrifty shares is expected to close Friday.
Hertz shares lost 20 cents to $14.25 on Thursday and Dollar Thrifty stock added a penny to $87.