We advised Hertz on the transaction

Davis Polk advised Hertz Global Holdings, Inc. on matters related to its Oro Mobility business including an $80 million strategic equity investment in Oro from a consortium of investors, including Cohen Private Ventures and funds or accounts affiliated with Certares Opportunities and/or Knighthead Capital Management. The investment establishes Oro as a standalone growth platform, with Hertz retaining majority economic ownership and continuing to support Oro as its fleet and corporate services partner.

Hertz is one of the world’s leading car rental and mobility solutions providers. Its subsidiaries and licensees operate the Hertz, Dollar, Thrifty and Firefly vehicle rental brands, with more than 11,000 rental locations in 160 countries around the globe. The company also operates Hertz Car Sales and the Hertz 24/7 car-sharing business in Europe.

Oro Mobility is a fleet platform built for the next era of mobility, connecting vehicles, technology providers and demand platforms at scale. Designed as the industry’s critical ownership, orchestration and operations layer, Oro operates across three business lines: rideshare rentals, driver-led fleet management and autonomous vehicle fleet management. Hertz, its majority owner, established Oro to expand beyond its core rental business.

The Davis Polk corporate team included partners Michael Davis and James A. Florack and counsel Brian L. Friedman. Partners John H. Runne and Pedro J. Bermeo provided capital markets advice. Partner Frank Azzopardi provided intellectual property and commercial transactions advice. Partners Kara L. Mungovan and Aliza Slansky provided tax advice. Partner Adam Kaminsky provided executive compensation advice. Counsel Lawrence R. Plotkin provided real estate advice. Members of the Davis Polk team are based in the New York and Washington DC offices.

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