Car and equipment rental provider Hertz Global Holdings, Inc. (HTZ) has made tentative agreements to divest nearly a dozen locations at airports in the U.S. in an effort to win regulatory approval for its proposed acquisition of Dollar Thrifty Automotive Group, Inc. (DTG), the Wall Street Journal reported, quoting people familiar with the negotiations.
It was in late August that Hertz agreed to acquire smaller rival Dollar Thrifty for $87.50 per share in an all-cash deal valued at about $2.3 billion. The deal, which has the unanimous approval from the boards of directors of both companies, is expected to close in the fourth quarter of fiscal 2012.
By divesting airport locations, the company can allay regulatory concerns that the combination will have too much control over the rental car market, especially at airports. The Federal Trade Commission has to decide on the deal by Friday.
Hertz has not formally agreed to shed these locations, but has reportedly agreed to the regulator that it can do so.
HTZ closed up 7.3 percent on Friday at $14.34.
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