The Hertz Corporation and a consortium of investors have entered into a joint venture arrangement to establish a standalone entity for its Oro Mobility business, according to a Form 8-K filed on October 16, 2026.
Under the agreement, the investors—comprising Cohen Private Ventures and funds affiliated with Certares Opportunities LLC and Knighthead Capital Management—agreed to purchase a 50% voting interest and approximately 15.86% economic interest in Oro Mobility Holdings LLC (formerly Hertz Mobility Holdings LLC). The investors paid approximately $80.89 million in cash for these Class A Common Units, with the transaction closing on October 19, 2026.
In connection with the formation of the joint venture, Hertz transferred certain assets related to the Oro Business to the new entity and contributed approximately $60.03 million in cash. Hertz also agreed to repurchase approximately $51.1 million in aggregate principal amount of its 8.000% Exchangeable Senior Second-Lien Secured Paid-in-Kind Notes due 2029 from the investors for approximately $20.86 million, representing a 60% discount to par.
The new entity, governed by a six-person board with three members designated by Hertz and three by the investors, will lease vehicles from Hertz under a Master Motor Vehicle Lease Agreement. The lease arrangements include monthly payments of approximately $13.7 million and an average term of approximately 4.5 years. Additionally, Hertz will provide corporate, operational, fleet, and technology services to the joint venture for an initial period of 12 months, with a royalty-bearing license for the use of Hertz trademarks requiring the payment of 0.5% of new rental customer revenue.
