Hertz forms Oro Mobility joint venture with investors for approximately $80.89 million

On October 16, 2026, The Hertz Corporation and certain investors entered into a joint venture for Oro Mobility Holdings LLC, formerly Hertz Mobility Holdings LLC. The investors include Cohen Private Ventures and funds or accounts affiliated with Certares Opportunities LLC and Knighthead Capital Management, LLC. They agreed to buy Class A Common Units of Oro from Hertz for approximately $80.89 million in cash and acquired them on October 19, 2026.

Hertz also agreed to repurchase about $51.1 million in principal amount of its 8.000% exchangeable senior second-lien secured paid-in-kind notes due 2029 from funds or accounts affiliated with Certares and Knighthead. The repurchase costs approximately $20.86 million, a 60% discount to par. Before the investor purchase, Hertz transferred to Oro certain assets of its Oro Mobility business not already owned by Oro, along with approximately $60.03 million in cash.

The independent Audit Committee and other disinterested directors of Hertz Global Holdings, Inc. approved the transactions. The amended and restated LLC agreement took effect October 19, 2026, and sets a six-person board, with three members designated by Hertz and three by the investors. Hertz said it will retain majority economic ownership of Oro and support the business as its fleet and corporate services partner.

Under a services agreement entered into on October 19, 2026, Hertz agreed to provide certain corporate, operational and other services to the joint venture. Hertz said IT, corporate security and systems support services are expected to transfer to the joint venture within 12 months. A royalty-bearing trademark license runs for an initial 24 months, subject to extension, with a 0.5% royalty on new rental customer revenue.

Under fleet lease agreements entered into on October 16, 2026, Hertz agreed to lease or sublease vehicles used in the Oro Mobility business to the joint venture. The arrangements include lease payments of approximately $13.7 million per month, with an average term of approximately 4.5 years.