Hertz Global to sell ~203.5 mln shares of CAR Inc. stock to UCAR Technology for expected proceeds of ~$240 mln
Hertz announced in 2015 that it intended to monetize its investment in CAR Inc. and use the proceeds for general corporate purposes.
- Co reached an agreement to sell 203,554,310 shares of CAR Inc. stock to UCAR Technology, Inc. on March 13, 2016, with expected proceeds of ~$240 mln.
- This transaction, together with two other share sales in 2015, reduces its ownership in CAR Inc. to ~1.7 % of CAR Inc.'s total shares.
- Co also extends its existing commercial agreement between the two companies to 2023.