Hertz today finalised the $2.3 billion takeover of rival Dollar Thrifty after agreeing to make concessions ordered by the US Federal Trade Commission.
The car rental giant agreed to sell its Advantage Rent A Car business as well as the rights to operate 29 Dollar Thrifty on-airport locations around the US in order to have the deal approved by the competition authority.
Hertz chairman and chief executive Mark Frissora said: “In the 94-year history of Hertz, our employees and business partners have never been this excited.
“Over the past six years, we have competed successfully with only one global premium brand in place while our competitors have had multiple brands to work against us.
“Starting today, we now have two additional, popular brands to compete across multiple market segments, with plans to offer them to our many partners and customers. That’s why we are pleased to announce that the transaction is complete, and we look forward to working expeditiously with Dollar Thrifty to integrate the strengths of our two great companies.”