Hertz completes $891 million sale of Donlen unit to Athene affiliate

By Sarah Lizee

Olympia, Wash., March 30 – Hertz Global Holdings, Inc. completed the sale of substantially all of the assets of its wholly owned subsidiary, Donlen Corp., to an affiliate of Athene Holding Ltd., according to a press release.

Hertz received $891 million in cash proceeds from the transaction, subject to some adjustments post-closing based on the level of assumed debt, working capital and fleet equity.

As previously reported, Athene affiliate Freedom Acquirer LLC served as stalking horse bidder for the assets and was later named winning bidder. Hertz had said it did not receive any other qualified bids.

Hertz is an Estero, Fla.-based car rental company. It filed Chapter 11 bankruptcy in the U.S. Bankruptcy Court for the District of Delaware on May 22, 2020. The case number is 20-11218.

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