Hertz Sells Donlen Corp.

By Staff Writer March 31, 2021

Hertz Global Holdings Inc. announced the successful completion of the sale of substantially all of the assets of its wholly-owned subsidiary, Donlen Corporation to Athene Holding Ltd. Hertz received $891 million in cash proceeds per the terms of the transaction, subject to certain adjustments post-closing based on the level of assumed indebtedness, working capital and fleet equity. Moving forward, Athene plans to invest behind the Donlen platform to support the continued growth and strength of the business. As a leading insurance company with more than $200 billion of assets under management, Athene provides a stable and long-term capital base, which will allow Donlen to expand capabilities, grow the team, and continue the company's award-winning customer service.

“Hertz is very pleased with the successful outcome of the sale process for Donlen, which marks another significant accomplishment in our financial restructuring,” said Hertz President and CEO Paul Stone. “We are pleased to have maximized Donlen's value and are making excellent progress on our financial and operational initiatives as we reposition Hertz for the future. We wish the entire Donlen team continued success under Athene's ownership.”

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Last modified on Wednesday, 31 March 2021 13:30