Ford Completes Sale of Hertz Rental Car Unit
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Ford Motor Co. said it completed the sale of its Hertz Corp. rental car unit to a group of investors.
Ford will get $5.6 billion in cash from the deal, which was announced in September. The investor group -- made up of private equity firms Clayton, Dubilier & Rice Inc., Carlyle Group and Merrill Lynch Global Private Equity -- also is assuming $10 billion in debt.
The investment group has said it plans no immediate changes or job cuts, but it is expected possibly to take the company public.
Also Wednesday, Fitch Ratings downgraded Hertz’s debt rating to “junk” status.
Ford shares fell 3 cents to $8.02.
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