Private equity buys Hertz Corp.

Private equity firms Clayton, Dubilier & Rice, Inc., The Carlyle Group, and Merrill Lynch Global Private Equity just announced an agreement with Ford Motor Company for the $15 billion purchase of vehicle rental company The Hertz Corp. expected to close by year-end. George Tamke, a Clayton Operating Partner, will serve as Chairman of the Board of Directors. Deutsche Bank, Lehman Brothers and Merrill Lynch were the investor group advisers while Debevoise & Plimpton LLP served as legal counsel. Hertz, founded in 1918, tops the global car rental market with over $7 billion annual revenue and 7,000 locations in the U.S. and 150 foreign countries.