Ford Motor Co. said on Monday it has agreed to sell its auto rental subsidiary, Hertz Corp., to a group of private equity firms for $5.6 billion.
Ford said it will sell all of its Hertz shares to the group composed of Clayton Dubilier & Rice, The Carlyle Group and Merrill Lynch Global Private Equity. Including debt, the transaction is valued at $15 billion, Ford said. Ford said it expects the purchase to be completed by the end of the year.
