Hertz Global Holdings, Inc: forms joint venture for Oro Mobility, $80,890,000

What happened

• The filing says that on Oct 16, 2026, The Hertz Corporation and certain investors including Cohen Private Ventures, Certares Opportunities LLC affiliates and Knighthead Capital Management, LLC affiliates entered into a joint venture arrangement under which the investors agreed to purchase Class A Common Units of Oro Mobility Holdings LLC representing 50% of the voting units and approximately 15.86% of the common units for aggregate cash consideration of approximately $80,890,000.
• The filing says Hertz concurrently agreed to repurchase approximately $51,100,000 aggregate principal amount of its 8.000% Exchangeable Senior Second-Lien Secured Paid-in-Kind Notes due 2029 for approximately $20,860,000, representing a 60% discount to par.
• The filing says Hertz transferred certain assets related to the Oro Mobility business and approximately $60,030,000 in cash to Oro prior to the JV Investor purchase. The JV Investors paid for and acquired their Class A Common Units on Oct 19, 2026.

Key details

• The filing says the transactions were governed by a Contribution Agreement, a Purchase Agreement and an amended and restated limited liability company agreement effective Oct 19, 2026; the JV board will have six members, three designated by Hertz and three designated by the JV Investors.
• The filing says Hertz, the JV Entity and certain affiliates entered into a Services Agreement on Oct 19, 2026 under which Hertz will provide corporate, operational, fleet, technology and other services; certain IT, corporate security and systems support services are expected to transition to the JV within 12 months.
• The filing says the Services Agreement includes a transitional trademark license and a royalty-bearing license for certain composite marks with a royalty equal to 0.5% of new rental customer revenue.
• The filing says the JV Entity entered into Master Motor Vehicle Lease and Sublease Agreements on Oct 16, 2026 providing for lease and sublease arrangements with lease payments of approximately $13,700,000 per month and an average term of approximately 4.5 years.

Why it may matter

• The filing reports Item 1.01 material definitive agreements describing the formation of the joint venture, the sale of equity units to the JV Investors, the repurchase of certain 2L notes, the Services Agreement and the Fleet Lease Agreements.
• The filing also reports Item 7.01 regulation FD disclosure by furnishing a press release dated Oct 20, 2026 as Exhibit 99.1.
• The filing does not show why the insider traded or why the company acted.