Donlen Corporation, a provider of fleet leasing and management services, has officially been acquired by Hertz Global Holdings Inc., according to a Sept. 1 press release.
Donlen was purchased for $177 million by Hertz, which also assumed $770 million of Donlen fleet debt. The price is lower than the initially announced purchase price of $250 million. Initial assumption of fleet debt was reported to be $680 million.
The acquisition puts Hertz further along in trying to become “the most flexible transportation programs for corporate and general consumers,” the release states. The buy-out “is consistent with the evolution of Hertz’s asset-light, technology-focused business model,” says Hertz Chairman and CEO Mark P. Frissora.
Donlen has more than 144,000 vehicles under lease and management in the United States, Canada and Mexico, and in 2010 the company generated revenues of about $350 million.
Click here for an earlier article on Hertz’s acquisition of Donlen Corporation.