Jenner & Block and Debevoise & Plimpton advised The Hertz Corporation on the company’s spin-off of its equipment rental business to shareholders in a transaction valued at $2.5 billion.
The car rental company announced the move Tuesday, promising to use proceeds from the tax-free spinoff to pay down debt and back a new $1 billion share buyback program that will take the place of a previously announced $300 million buyback. Hertz said Tuesday it had already used $87.5 million to repurchase its own shares under the previous program.
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