CD&R, Carlyle, BofA sell off remaining Hertz stake for $1.24 billion

Mon May 6, 2013 8:32pm EDT
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NEW YORK (Reuters) - Hertz Global Holdings Inc (HTZ.N: Quote) said on Monday that private equity firms Clayton, Dubilier & Rice and Carlyle Group (CG.O: Quote), as well as Bank of America Merrill Lynch (BAC.N: Quote), have sold off their remaining shares in the car rental agency for $1.24 billion.

CD&R, Carlyle and Bank of America Merrill Lynch sold 49.8 million shares for $24.96 each, Hertz said in a press release. Before the sales, CD&R and Carlyle were the second and third largest shareholders in Hertz, respectively, according to Thomson Reuters data.

Bank of America Merrill Lynch, CD&R and Carlyle Group bought Hertz from Ford Motor Co (F.N: Quote) in December 2005 for $5.6 billion. Including debt, the deal was worth $15 billion. Hertz did an initial public offering the following year.

(Reporting by Phil Wahba; Editing by Stephen Coates)

A Hertz sign is seen outside a rental car office in Ferndale, Michigan May 9, 2011. REUTERS/Rebecca Cook