Hertz Global Holdings entered into a joint venture arrangement with investors including Cohen Private Ventures, Certares Opportunities LLC, and Knighthead Capital Management. The investors purchased Class A Common Units representing 50% of the voting rights and approximately 15.86% of the economic interest in Oro Mobility Holdings for $80.89 million. Concurrently, Hertz repurchased approximately $51.1 million principal amount of its 8.000% Exchangeable Senior Second-Lien Secured Paid-in-Kind Notes due 2029 from these investors for $20.86 million, a 60% discount to par value. The transaction establishes Oro as a standalone growth platform focused on driver-led and autonomous mobility models, with Hertz retaining majority economic ownership and providing fleet services under a new agreement.
