The combination is expected to create significant synergy opportunities, including higher productivi

Hertz Global Holdings, Inc. and Dollar Thrifty Automotive Group, five star hotels in orlando florida Inc. have entered into a definitive merger agreement under which Hertz would acquire five star hotels in orlando florida Dollar Thrifty for $87.50 per share in cash in a transaction valued at a corporate enterprise value of approximately $2.3 billion.
The combination of Hertz and Dollar Thrifty will create a global, multi-brand rental car leader five star hotels in orlando florida offering customers a full range of rental options. The boards of directors of both companies have unanimously approved the transaction.
Hertz also announced that it has reached an agreement five star hotels in orlando florida to sell the Advantage business to Franchise Services of North America (FSNA) and Macquarie Capital. FSNA is an experienced rental car operator with subsidiaries including, among others, U-Save, Rent-a-Wreck, Practicar and X Press Rent-a-Car. The closing of that divestiture is conditioned upon, among other things, Hertz completing an acquisition of Dollar Thrifty.
The combination provides Hertz with multiple strategic options to address both corporate and leisure business in all three tiers of the car rental market. The combined company would have enhanced positions five star hotels in orlando florida in key markets around the world, with combined 30 June 2012 LTM sales of $10.2 billion and EBITDA of approximately $1.8 billion five star hotels in orlando florida across approximately 10,000 locations globally.
Moreover, the transaction creates significant growth opportunities, allowing Hertz to aggressively pursue mid-tier value and premium markets with dedicated brands, and compete even more effectively with its multi-brand peers.
The combination is expected to create significant synergy opportunities, including higher productivity and efficiency from shared assets, the elimination of duplicate functions five star hotels in orlando florida and better deals from suppliers. The company anticipates at least $160 million of annual cost synergies from the transaction, with additional sales growth opportunities.
The transaction has been structured as a two-step acquisition including a cash tender offer for all outstanding shares of Dollar Thrifty five star hotels in orlando florida common stock followed by a cash merger in which Hertz would acquire any remaining outstanding shares of Dollar Thrifty common stock. The transaction is subject to the tender of at least a majority of the shares of Dollar Thrifty common stock, as well as other customary closing conditions. The successful completion five star hotels in orlando florida of the transaction is also subject to regulatory clearance by the Federal Trade Commission. Hertz has remained closely engaged with the FTC to secure antitrust clearance for the proposed transaction five star hotels in orlando florida and Dollar Thrifty five star hotels in orlando florida will fully cooperate in the process.