Car rental firm Hertz Global Holdings, the biggest rental firm in the United States, agreed on Monday to purchase smaller U.S. rival Dollar Thrifty Automotive Group Inc. for around $1.2 billion.
Hertz will now gain the Dollar Rent A Car and Thrifty Car Rental brands as the global leisure and travel market looks rebound from the worst recession in 50 years.
The cash and stock deal is valued at $41 per Dollar Thrifty share. With the acquisition, Hertz will only have one major competitor—Avis Budget Group—in the car rental market. “Dollar Thrifty also has a strong international presence, complementing our global footprint,” said Hertz CEO Mark Frissora in a statement.
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