Hertz Global Holdings Inc. (NASDAQ:HTZ) shares are trading higher Tuesday after its majority-owned subsidiary Oro Mobility secured an $80 million strategic equity investment from a consortium of investors.
- Hertz shares are climbing with conviction. What’s behind HTZ gains?
Oro Mobility Raises $80M to Become a Stand-alone Growth Platform
The consortium includes Cohen Private Ventures and funds or accounts affiliated with Certares Opportunities and Knighthead Capital Management. Hertz said the investment establishes Oro as a stand-alone platform with its own capital, talent and strategic focus. Hertz will keep majority economic ownership and continue to support Oro as its fleet and corporate services partner, so it participates in Oro’s growth.
"Oro is a powerful example of that in action," said Gil West, CEO of Hertz and executive chairman of Oro Mobility, referring to Hertz’s strategy of using its century of expertise to lead a new era of mobility.
Oro Expands 45,000-Vehicle Mobility Platform with $80M Investment
Oro Mobility describes itself as the ownership, orchestration and operations layer that connects vehicles, technology providers and consumer demand. It operates about 45,000 vehicles across every major U.S. mobility market. The new capital will support expansion of its fleet, operational infrastructure, technology, talent and partnerships across rideshare rentals, driver-led fleet management and autonomous vehicle fleet management.
Hertz Shares Rise
HTZ Price Action: At the time of publication, Hertz shares are trading 13.05% higher at $2.08, according to data from Benzinga Pro.
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