Hertz Global Holdings, Inc. announced today that it has successfully completed its previously announced acquisition of Dollar Thrifty Automotive Group, Inc. As a result of the transaction, Dollar Thrifty has become a wholly owned subsidiary of Hertz.

Hertz Chairman and Chief Executive Officer, Mark P. Frissora said: “In the 94-year history of Hertz, our employees and business partners have never been this excited.  Over the past six years, we have competed successfully with only one global premium brand in place while our competitors have had multiple brands to work against us.  Starting today, we now have two additional, popular brands to compete across multiple market segments, with plans to offer them to our many partners and customers.  That’s why we are pleased to announce that the transaction is complete, and we look forward to working expeditiously with Dollar Thrifty to integrate the strengths of our two great companies.”

Hertz completed a tender offer in which it purchased approximately 99.6% of the shares of Dollar Thrifty common stock then outstanding at $87.50 per share in cash.

Hertz subsequently acquired the remaining shares of Dollar Thrifty common stock by means of a short-form merger in which such shares were converted into the right to receive the same $87.50 per share in cash that will be paid in the tender offer.  In order to accomplish the short-form merger, Hertz exercised its “top-up” option to purchase additional shares of Dollar Thrifty common stock directly from Dollar Thrifty.  Dollar Thrifty’s common stock will no longer be listed on the New York Stock Exchange.

Hertz posted to its website a summary of the divestiture agreement that Hertz entered into with the Federal Trade Commission in connection with the acquisition of Dollar Thrifty, a list of related frequently asked questions and PowerPoint slides.