Hertz Moves Headquarters to Florida After the Acquisition of Dollar Thrifty image

After Hertz Global Holdings acquired Dollar Thrifty Automotive, the company decided to move its headquarters from New Jersey to Florida.

According to Herz, the company’s headquarters will be moved from Park Ridge, New Jersey, to Estero, Florida, together with 700 employees in the next two years. More than 2,000 Hertz and Dollar Thrifty workers will stay in New Jersey. The move is to be completed by the beginning of 2015. Hertz paid $2.6 billion to acquire Dollar Thrifty and become the second-largest rental-car chain in the US, after Enterprise Holdings.

In 2012 Hertz Global Holdings managed to finally close a deal and purchase Dollar Thrifty Automotive Group, offering $2.6 billion. The company has tried more than 5 years to buy Dollar Thrifty, and the final price was more than double what Hertz offered in 2010. This is considered the last agreement between US car rental companies that regulators would accept.

“We are pleased to have finally reached an agreement with Dollar Thrifty after a lengthy — but worthwhile — pursuit,” CEO Mark Frissora said in the statement back then. “We have always believed that a combination with Dollar Thrifty is the best strategic option for both companies.”

Source: Bloomberg