PARK RIDGE, N.J. –

Just before departing for Labor Day weekend, Hertz Global Holdings announced it completed the acquisition of Donlen.

Officials recapped the acquisition was funded by $177 million in cash proceeds from Hertz and the assumption of $770 million in Donlen fleet debt.

The companies stressed Donlen provides Hertz an immediate leadership position in long-term car, truck and equipment leasing and fleet management. Management insisted this transaction is part of the overall growth strategy of Hertz to provide the most flexible transportation programs for corporate and general consumers.  

“The acquisition of Donlen is consistent with the evolution of Hertz’s asset-light, technology focused business model and is part of the company’s overall growth strategy to provide the most flexible transportation programs for corporate and retail customers,” Hertz chairman and chief executive officer Mark Frissora explained

“Integrating Donlen into the Hertz family of products gives us a yearly and multi-year offering that complements our current core competencies of hourly, daily and monthly car sharing and car rental options and provides the company with a more stable revenue stream and new adjacent markets to leverage our existing business model,” Frissora continued.

The deal was first revealed on back on July 18. Auto Remarketing shared details of the initial announcement here as well as comments from Donlen management here.