Ford Completes Sale Of The Hertz Corporation To Private Equity Group
DEARBORN, Mich., Dec. 21, 2005 – Ford Motor Company (NYSE: F) announced today it has completed the sale of The Hertz Corporation to an investor group of leading private equity firms.
The investor group, composed of Clayton Dubilier & Rice, The Carlyle Group and Merrill Lynch Global Private Equity, purchased the equity of The Hertz Corporation in a transaction valued at approximately $15 billion including debt. Under the terms of the agreement, which was entered into last September, Ford received $5.6 billion in cash for the sale of its 100 percent ownership interest in Hertz. As a result of the sale of Hertz, Ford will recognize a pre-tax gain in the fourth quarter of 2005 that is estimated to be in the range of $1.1 billion to $1.3 billion.
Hertz operates the largest general-use car rental business in the world and one of the largest industrial, construction and material handling equipment rental businesses in North America, based on revenues.
Ford Motor Company, a global automotive industry leader based in Dearborn, Michigan, manufactures and distributes automobiles in 200 markets across six continents. With nearly 325,000 employees and 110 plants worldwide, the company’s core and affiliated automotive brands include Aston Martin, Ford, Jaguar, Land Rover, Lincoln, Mazda, Mercury and Volvo. Its automotive-related services include Ford Motor Credit Company.
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