Localiza to Acquire Hertz Brazil
12.19.16
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The Firm is representing Localiza Rent a Car S.A. in connection with its announced acquisition of the Hertz operations in Brazil, through Car Rental Systems do Brazil Locação de Veículos Ltda., a subsidiary of Hertz Corporation (“Hertz”), for an estimated value of R$337 million. Pursuant to the purchase agreement, at closing, Localiza and Hertz will enter into a brand cooperation agreement and a referral agreement to implement a long-term strategic alliance. The transaction is subject to customary conditions, including regulatory approvals.
Localiza is the market leader in Brazil for both car and fleet rental with the largest number of car rental locations and presence at the principal Brazilian airports, and the largest car rental operator in South America.
The Simpson Thacher team includes S. Todd Crider, Juan M. Naveira and International Associate Luiz Rafael De Vargas Maluf (M&A – New York); Tosca Augustin (Corporate – São Paulo); and Lori Lesser (IP).