Three of Hertz Global Holdings’ major shareholders will sell their entire stakes in the company for a combined $1.24 billion in a public offering, Hertz said on Monday.
The sellers are private-equity firms Clayton, Dubilier & Rice and the Carlyle Group and Bank of America Merrill Lynch. They will sell a combined 49.8 million shares of common stock at $24.96 per share.
Hertz said it will not receive any proceeds from the offering.
Clayton, Dubilier & Rice, the Carlyle Group and Bank of America Merrill Lynch reduced their Hertz stakes in 2011, when they sold a combined 50 million shares in a public offering.
The three sellers were part of the investment group that in 2005 acquired Hertz from Ford Motor Co. in a leveraged buyout. That deal was worth about $15 billion in cash and debt.
In 2006, Hertz raised about $1.3 billion in an IPO.