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Two of the world’s largest leasing companies are considering combining forces to create a global mobility leader.
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The bid is said to have come from Volkswagen AG and would have valued the rental company at about €2.2 billion ($2.6 billion).
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In a potentially rare outcome in a corporate bankruptcy, the revised plan if accepted will amount to a recovery of 60 to 70 cents a share for stockholders.
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The new bid values Hertz at $6.2 billion and would pay unsecured bondholders in full.
Read More →Hertz chose the renegotiated proposal over a competing one from Certares and Knighthead Capital. The plan keeps Hertz on track to exit Chapter 11 in June.
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Hertz received $891 million in cash for the sale of the fleet management company.
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The buyers, Knighthead Capital Management and Certares Management, would take at least a majority share and as much as 100% of the company. The proposed plan would pay in full all of Hertz's existing first- and second-lien debt and provide a 70% cash recovery to general unsecured creditors.
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Navotar, a Canadian-based car rental software provider, is joining Valsoft Corp. Inc., a company specializing in the development of vertical market software business. This is the third car rental software company acquired by Valsoft.
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Stellantis, the merger between Fiat Chrysler Automobiles and Groupe PSA, will “embrace electrification, connectivity, autonomous driving, and shared ownership,” the company said.
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The deal, valued at about $2.18 billion, faces antitrust scrutiny as it reduces the largest players in the market from three to two.
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