Hertz’s $1.3 Billion Upsized Re-IPO and Uplisting to NASDAQ

Simpson Thacher represented the underwriters in the offering.

Hertz Global Holdings, Inc. (“Hertz”) announced its uplisting to NASDAQ and upsized offering of 44,520,000 shares of its common stock at a price per share of $29, sold by existing stockholders of Hertz and resulting in gross proceeds of $1.3 billion to the selling stockholders, and the repurchase by Hertz of 10,344,828 shares from the underwriters. The re-IPO closed on November 12, 2021.

Goldman Sachs & Co. LLC, J.P. Morgan Securities LLC, Morgan Stanley & Co. LLC, Barclays Capital Inc., Deutsche Bank Securities Inc., Guggenheim Securities, LLC, BTIG, LLC, AmeriVet Securities, Inc., Loop Capital Markets LLC, Tigress Financial Partners LLC acted as underwriters for the offering.

Hertz operates the Hertz, Dollar and Thrifty vehicle rental brands throughout the United States, Africa, Asia, Australia, Canada, the Caribbean, Europe, Latin America, the Middle East and New Zealand. Hertz is one of the largest worldwide vehicle rental companies, and the Hertz brand is one of the most recognized globally. Additionally, Hertz operates the Firefly vehicle rental brand and Hertz 24/7 car sharing business in international markets and sells vehicles through Hertz Car Sales.

The Simpson Thacher team for this transaction included Roxane Reardon (Picture), John C. Ericson, John O’Connell, Adriana Estor Restrepo and Nicole Fu (Capital Markets); Jonathan Cantor and Edward Grais (Tax); Genevieve Dorment (IP); Linda Barrett and Meredith Brenton (ECEB); and Jennie Getsin (FINRA & Blue Sky).

Involved fees earner: Linda Barrett – Simpson Thacher & Bartlett; Meredith Brenton – Simpson Thacher & Bartlett; Jonathan Cantor – Simpson Thacher & Bartlett; Genevieve Dorment – Simpson Thacher & Bartlett; John Ericson – Simpson Thacher & Bartlett; Adriana Estor-Restrepo – Simpson Thacher & Bartlett; Nicole Yingting Fu – Simpson Thacher & Bartlett; Jennie Getsin – Simpson Thacher & Bartlett; Edward Grais – Simpson Thacher & Bartlett; John O’Connell – Simpson Thacher & Bartlett; Roxane Reardon – Simpson Thacher & Bartlett;

Law Firms: Simpson Thacher & Bartlett;

Clients: AmeriVet Securities; Barclays Capital ; BTIG, LLC; Deutsche Bank Securities; Goldman Sachs & Co.; Guggenheim Securities; J.P. Morgan Securities LLC; Loop Capital Markets; Morgan Stanley; Tigress Financial Partners;