Simpson Thacher & Bartlett and Debevoise & Plimpton have landed roles advising on one of the largest-ever leveraged buyouts (LBOs) – the $15bn (£8.25bn) sale of Hertz – as private equity deals continue to generate big-ticket US deals.
The transaction sees Ford sell the vehicle rental company to a private equity consortium made up of Clayton Dubilier & Rice, The Carlyle Group and Merrill Lynch Private Equity. The total value of the deal, including debt, is $15bn – with Ford receiving $5.6bn (£3.15bn) for the equity of Hertz.
