PARK RIDGE, N.J., Nov. 15, 2012 /PRNewswire/ -- Hertz Global Holdings, Inc. (NYSE: HTZ) today announced that it has reached an agreement with the U.S. Federal Trade Commission (FTC) allowing Hertz to complete its acquisition of Dollar Thrifty Automotive Group, Inc. (NYSE: DTG). Under the terms of the proposed consent order that was approved by the FTC for public comment, Hertz is required to divest its Advantage business, selected airport concessions and certain other assets following the closing of the acquisition. "We have reached a compelling agreement with the FTC and are pleased to finally move forward as one company," said Hertz Chairman and Chief Executive Officer, Mark P. Frissora. "We have always believed that a combination with Dollar Thrifty is the best strategic option for both companies, and we look forward to becoming a stronger global competitive player in the industry. We are confident that the employees, customers and shareholders of both companies will benefit from the value this combination will create." The combination of Hertz and Dollar Thrifty will create a global, multi-brand rental car leader offering customers a full range of rental options through its strong premium and value brands. Hertz will provide Dollar Thrifty with the resources to expand its value leisure focused brands in key car rental markets around the world, while Dollar Thrifty will provide Hertz instant scale with two new, well-established brands with airport concession infrastructure in the mid-tier value segment. As previously announced, Hertz has reached an agreement to sell certain assets, to Adreca Holdings Corp. ("Adreca"), a subsidiary of Macquarie Capital which is operated by Franchise Services of North America Inc., an experienced operator of car rental brands, including U-Save Car & Truck Rental®, Rent-a-Wreck of Canada, Practicar and Xpress Rent A Car. Hertz has also agreed to use its commercially reasonable efforts to ensure that Adreca at 13 locations and either Adreca or another third party at an additional 13 locations, has the right to an on-airport operation. Hertz hopes to be able to continue operating both the Dollar and Thrifty brands on airport at a number of these airports. Approval of the proposed consent order effectively completes the review of the transaction by the FTC. The closing of the previously announced cash tender offer to purchase all outstanding shares of common stock of Dollar Thrifty for $87.50 per share is also subject to customary terms and conditions, including the acquisition by Hertz of a majority of the outstanding shares of Dollar Thrifty common stock on a fully diluted basis. The tender offer is scheduled to expire at 5:00 p.m., New York City time, on November 16, 2012, unless further extended in accordance with the merger agreement and the applicable rules and regulations of the U.S. Securities and Exchange Commission (SEC). The tender offer statement and related materials have been filed with the SEC. Dollar Thrifty stockholders who need additional copies of the tender offer statement and related materials or who have questions regarding the offer should contact Innisfree M&A Incorporated, the Information Agent for the offer, toll-free at (877) 456-3507.