Hertz Cuts Stake in Chinese Car Rental Company

Hertz Global Holdings has agreed to sell nearly 204 million shares in CAR Inc., China’s largest auto rental company. Hertz will continue a commercial partnership with the company to 2023.

The sale is expected to net Hertz $240 million and reduce its equity position in CAR to 1.7%. The Hertz shares were acquired earlier today by UCAR Technology Inc., a Chinese ride-share provider with which CAR has a separate cooperative agreement.

Hertz made two other CAR share sales last year. Under their continuing partnership, CAR will continue to market the Hertz brand, rental cars and chauffeur services through 700 locations in China.