NAPLES, Fla., June 26, 2015 /PRNewswire/ -- The Hertz
Corporation (NYSE: HTZ) has announced that it has entered into
exclusive negotiations with the LOXAM Group (Loxam) for the
potential acquisition of the France and Spain businesses of Hertz Equipment Rental
Corporation (HERC) through the transfer of the entire share capital
of Hertz Equipement France SAS and Hertz Alquiler de Maquinaria,
SLU. The proposed transaction includes 60 locations in
France and two in Spain. As part of the process, HERC and
Loxam are each consulting with their respective Works Councils in
France.
HERC is a leading North American equipment rental company with
operations in the Middle East and
China along with a presence in
seven other countries through franchise partnerships. The potential
divestiture of its France and
Spain businesses would enable HERC
to focus on core and specialty market expansion. In addition, the
move is in line with HERC's strategy to maximize profitability and
shareholder value as part of its planned separation from The Hertz
Corporation.
Loxam is the leading equipment rental company in Europe, with over 4,500 employees and 623
locations across 14 countries. The potential acquisition would
increase its market share in the Paris area and the North and West of
France as well as reinforce its
Spanish network, strengthening Loxam's positioning as a premier
player in the European rental industry.
The proposed transaction remains subject to receipt of the
requisite works council opinions, the signing of the sale
agreements and obtaining required corporate and regulatory
approvals. Terms of the potential share purchase have not
been disclosed.
About Hertz
Hertz operates the Hertz, Dollar, Thrifty
and Firefly car rental brands in more than 10,300 corporate and
licensee locations throughout approximately 145 countries in
North America, Europe, Latin
America, Asia, Australia, Africa, the Middle
East and New Zealand. Hertz is the largest worldwide
airport general use car rental company with more than 1,600 airport
locations in the U.S. and more than 1,300 airport locations
internationally. Product and service initiatives such as
Hertz Gold Plus Rewards, NeverLost®, Carfirmations,
Mobile Wi-Fi and unique vehicles offered through the Adrenaline,
Dream, Green and Prestige Collections set Hertz apart from the
competition. Additionally, Hertz owns the vehicle leasing and
fleet management leader Donlen Corporation, operates the Hertz 24/7
hourly car rental business and sells vehicles through its Rent2Buy
program. The Company also owns Hertz Equipment Rental
Corporation ("HERC"), one of the largest equipment rental
businesses with more than 350 locations worldwide offering a
diverse line of equipment and tools for rent and sale. HERC
primarily serves the construction, industrial, oil, gas,
entertainment and government sectors. For more information
about Hertz, visit: www.hertz.com.
About Loxam
Loxam is the leading equipment rental
company in Europe with
consolidated revenue of €812 million in 2014 and approximately
4,500 employees. LOXAM's network of more than 623 branches extends
over 12 countries in Europe
(France, Germany, the United
Kingdom, Ireland,
Belgium, Switzerland, Spain, Luxemburg, the
Netherlands, Denmark,
Norway and Sweden) as well as in Morocco and Brazil.
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SOURCE The Hertz Corporation