March 18 (Reuters) - Car rental company Hertz Global Holdings Inc said it would spin off its equipment rental business for $2.5 billion.
The division, Hertz Equipment Rental Corp, provides a wide range of rental equipment from small tools to heavy earthmoving equipment.
Hertz said part of the proceeds would be used to fund a newly approved $1 billion share repurchase program.
The company said it expects the separation, which will be through a tax-free distribution to shareholders, to close by early 2015.
- Investment & Company Information
- earthmoving equipment