Hertz names Athene affiliate as winning bidder for Donlen unit

By Sarah Lizee

Olympia, Wash., Feb. 23 – Hertz Global Holdings, Inc. canceled an auction scheduled for Feb. 24 and named stalking horse bidder Freedom Acquirer LLC, an affiliate of Athene Holding Ltd., the winning bidder for the company’s Donlen Corp. subsidiary, according to a notice filed Tuesday with the U.S. Bankruptcy Court for the District of Delaware.

The company said it did not receive any other qualified bids.

A sale hearing is scheduled for March 1.

As previously reported, Hertz entered into an asset purchase agreement with Freedom Acquirer for an anticipated cash payment of $825 million, subject to adjustments for fleet equity, working capital and assumed debt.

Hertz anticipated that these adjustments would result in a purchase price at closing of at least $875 million, the company said in a press release.

Hertz is an Estero, Fla.-based car rental company. It filed Chapter 11 bankruptcy in the U.S. Bankruptcy Court for the District of Delaware on May 22, 2020. The case number is 20-11218.

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