Hertz, a US-based automotive rental company, has agreed to acquire a 20% stake in peer China Auto Rental (Car).
Car will now acquire and integrate all of Hertz’s rental business in China. No financial terms have been disclosed.
In 2012 Car filed a listing application to raise $130m which it later cancelled following a $200m investment from Car shareholders US-based private equity firm Warburg Pincus and technology company Legend Holdings.