Hertz Global Holdings Inc. said it agreed to sell its Donlen Corp. fleet management business for at least $875 million to an Apollo Global Management Inc.-backed insurance company as the bankrupt rental car company looks to pay down debt, WSJ Pro Bankruptcy reported. In a bankruptcy-court filing on Wednesday, Hertz said the planned sale of Donlen, which provides fleet-management services, could help the company reduce its secured debt and interest expenses, giving it more flexibility to reorganize in chapter 11. Pending court approval, Hertz would sell Donlen to Athene Holding Ltd., a publicly traded financial services business in which Apollo has a roughly 35 percent stake and responsibility for managing investments. Athene’s proposed deal for Donlen consists of an $825 million cash payment and certain adjustments that Hertz said will bring the total purchase price to “at least” $875 million.
