PARK RIDGE, N.J. -

A deal long in the making has come to a close. Hertz Global Holdings announced this morning that it has successfully completed its previously announced acquisition of Dollar Thrifty Automotive Group.

As a result of the transaction, Dollar Thrifty has become a  wholly owned subsidiary of Hertz.

Commenting on the news, Hertz chairman and chief executive officer, Mark Frissora said: “In the 94-year history of Hertz, our employees and business partners have never been this excited. Over the past six years, we have competed successfully with only one global premium brand in place while our competitors have had multiple brands to work against us. 

“Starting today, we now have two additional, popular brands to compete across multiple market segments, with plans to offer them to our many partners and customers. That's why we are pleased to announce that the transaction is complete, and we look forward to working expeditiously with Dollar Thrifty to integrate the strengths of our two great companies,” he continued.

Hertz completed a tender offer in which it purchased approximately 99.6 percent of the shares of Dollar Thrifty common stock then outstanding at $87.50 per share in cash.

“Hertz subsequently acquired the remaining shares of Dollar Thrifty common stock by means of a short-form merger in which such shares were converted into the right to receive the same $87.50 per share in cash that will be paid in the tender offer,” officials shared.

And  in order to accomplish the short-form merger, Hertz exercised its option to purchase additional shares of Dollar Thrifty common stock directly from Dollar Thrifty.  Dollar Thrifty's common stock will no longer be listed on the New York Stock Exchange.

And as part of the agreement decided with the FTC, Hertz will be selling a few of its own assets, as well.

Franchise Services of North American provided an announcement on transaction timing relating to its agreement to acquire Simply Wheelz, LLC, a Delaware limited liability company and the owner of the Advantage Rent-A-Car brand, and certain other divested assets from Hertz.

Offering some background information, Franchise Services announced that upon completion of the impending deal with Hertz, the company would operate Advantage from 62 rental locations servicing airports across the United States.

“As a result of the FTC consent order, Hertz will be required to provide the Company (Franchise Services), or another FTC-approved buyer, with the right to operate on-airport concessions at an additional 13 airports,” officials shared.  

Since Advantage already operates off-airport locations servicing three of these airports, if Franchise Services is the buyer of these additional locations, it will result in a net increase of 10 new locations for the company

“As a result, the company may acquire up to 72 rental locations in new markets in the United States,” officials added.

Besides the impending acquisition, Franchise Services will take part in a previously announced merger between wholly owned subsidiaries of the company and Macquarie Capital. 

“Macquarie Capital, through a wholly-owned subsidiary, has entered into a purchase agreement with Hertz for the acquisition of the assets. Closing of the acquisition of Advantage by a subsidiary of Macquarie Capital is now scheduled to take place on Dec. 12, with the closings of the remaining Assets to occur in 2013,” the companies explained.