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Financially-troubled Hertz has announced plans to sell its Donlen fleet leasing and management subsidiary.

Estero-based Hertz Global Holdings – parent of The Hertz Corp. – has entered into a stock and asset purchase agreement with Athene Holding Ltd., a leading financial services company based in Bermuda.

With adjustments for fleet equity, working capital and assumed debt, Hertz Global expects the deal to bring a purchase price of at least $875 million.

In a news release, Hertz Global’s president and CEO Paul Stone said the sale will be “another significant accomplishment” in its road to recovery.

Hertz Global filed for Chapter 11 bankruptcy under a mound of debt in May totaling roughly $19 billion after taking a big hit from the coronavirus pandemic, which put the skids on travel.

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