Hertz has confirmed rumors it will spin off its equipment rental operations into an independent and publicly traded company. In the split, Hertz will take its car rental businesses, while HERC (Hertz Equipment Rental Corporation) will take the construction and industrial rentals segment. Hertz will receive a one-time $2.5 billion payout in the split, which it will use to repay debt and support $1 billion in share buybacks. Last year, Hertz's equipment rental arm generated 14% of total revenue.
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