Deloitte Corporate Finance LLC acted as the exclusive financial advisor to Florida-based The Hertz Corporation (Hertz), a leading vehicle rental and leasing business, in the divestiture of the Company's Brazil operations to Localiza Rent a Car S.A. (Localiza), one of the largest car rental network in South America. The acquisition closed in August 2017.
Localiza acquired Hertz's subsidiary in Brazil, and the parties established a global, long-term relationship through brand cooperation and referral agreements. As part of its engagement with Hertz, Deloitte Corporate Finance LLC (US) engaged Deloitte Corporate Finance professionals in Brazil to offer local markets knowledge and to help facilitate the transaction.
"After years of extending the Hertz brand into the Latin American market, Hertz's Brazilian assets will be a tremendous addition to Localiza's car rental network," said Will Frame, managing director, Deloitte Corporate Finance LLC.
Reinaldo Grasson Oliveira, partner, Deloitte Financial Advisory Services, Brazil, added, "With the addition of Hertz's rental car fleet, Localiza is well-positioned to further capture market share in Brazil."
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