/ Source: The Associated Press
U.S. antitrust regulators have approved Ford Motor Co.’s plan to sell Hertz Corp., its rental car subsidiary.
In a notice posted Wednesday, the Federal Trade Commission said it completed its review of the deal and would take no action.
Ford announced last month it planned to sell Hertz to a group of private equity investors composed of Clayton Dubilier & Rice, Carlyle Group and Merrill Lynch Global Private Equity. The total transaction is valued at $15 billion including debt.
Dearborn-based Ford, which has owned Hertz since 1994, said it wants to concentrate on its core automotive business. The deal is expected to be completed by the end of this year.