Car rental company Hertz Global Holdings Inc said it would spin off its equipment rental business for $2.5 billion. The division, Hertz Equipment Rental Corp, provides a wide range of rental equipment from small tools to heavy earthmoving equipment.Hertz said part of the proceeds would be used to fund a newly approved $1 billion share repurchase program.The company said it expects the separation, which will be through a tax-free distribution to shareholders, to close by early 2015.
Hertz Global Holdings, Inc. (Hertz Holdings) is a holding company. Shares of HTZ traded higher by 4.77% or $1.24/share to $27.22. In the past year, the shares have traded as low as $19.73 and as high as $29.81. On average, 9300310 shares of HTZ exchange hands on a given day and today's volume is recorded at 20588244.
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