Ford may have lost its dumping ground for excess capacity, but it'll gain $15 billion ($5.6 billion in cash) to stem losses and invest in technology. Federal anti-trust regulators have given Ford the go-ahead to sell Hertz to a private equity group including Clayton Dubilier & Rice, Carlyle Group (George H.W. Bush's boys) and Merrill Lynch Global Private Equity. The sale involves the assumption of something like $9.4 billion in debt and the registrations of around a billion Tauruses. Next on the block: the Ford Motor Credit division.
Ford plan to sell Hertz gets US antitrust approval [Reuters via LeftLane News]
Related:
Come on Baby, Make it Hertz so Good: Rental Corp. Goes for $5.6 Bil [internal]
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