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Tuesday, May 17, 2022

Athene Enters Into An Agreement With Hertz To Buy Donlen Corp.

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Athene Holdings ltd. [NYSE: ATH] entered into a deal to buy Donlen corporation from Hertz Global Holdings Inc. Hertz’s fully own Donlen Corporation. The stock and asset acquisition deal between the companies is of $825M. Moreover, the purchase consideration is dependant on modifications for equity, working capital, and presumed debt. According to Hertz, these modifications will result in a cost of $875M.

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Donlen Corporation creates modern management technology solutions. Furthermore, the divestiture of Donlen will help hertz reach its financial and strategic goals. Hertz decided the divestiture in the middle of its financial restructuring following $1.6B debtors in possession and $4B fleet Financing.

Athene offers various insurance and reinsurance products and this transaction flows hand in hand with Athene’s intent of making desirable and segregated long-term shares. The company carries a Zacks Rank at 3. Additionally, the company is committed to make investments up to $1billion with additional investments later up to $2billion of a further increase in the fleet.

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