The Federal Trade Commission on Thursday issued a final consent order regarding the acquisition by Hertz of fellow rental car company Dollar Thrifty Automotive Group.
Hertz Global Holdings Inc. acquired Tulsa-based Dollar Thrifty for $2.3 billion in November under an interim agreement and consent order. As part of that deal, Hertz sold off its former Advantage car rental business, select airport operations and some other assets.
"We are pleased that the FTC has officially concluded its review of the Dollar Thrifty transaction," said Mark P. Frissora, Hertz Chairman and Chief Executive Officer. "Throughout this process we have worked closely with the agency, and the result has been a transaction that we believe will benefit our customers and shareholders for years to come."
The terms of the interim agreement were incorporated into the FTC's final consent order with a few minor changes, including a requirement to sell off the Dollar Thrifty location at Reagan National Airport rather than the Advantage desk, as originally expected.
Hertz shares rose 57 cents, or 2.1 percent, to $26.80 in afternoon trading.