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ESTERO — Car rental giant Hertz is negotiating to sell its equipment-rental businesses in France and Spain to Loxam Group, Europe's biggest equipment-rental company.
Hertz says it has entered into exclusive negotiations with Loxam to sell 60 equipment-rental locations in France and Spain for its subsidiary, Hertz Equipment Rental Corp. Terms of the potential deal were not disclosed.
Loxam has more than 4,500 employees and 623 locations across 14 countries in Europe. The potential acquisition would increase Loxam's market share in the Paris area and then north and west of France, as well as reinforce its Spanish network.
Hertz Rental Equipment has operations in the Middle East and China and seven other countries through franchise partnerships. The potential sale of its France and Spain businesses to Loxam will allow it to focus on core and specialty market expansion, the company says in a statement.
In addition, Hertz says the sale is part of the strategy to spin off its equipment-rental subsidiary as a separate company. Shareholders have called for the spinoff to boost Hertz' shares.
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