Hertz Buys 20 Pct Stake in China Auto Rental

(Beijing) – Hertz Global Holdings Inc. has agreed to buy 20 percent of China Auto Rental Holdings Inc. (CAR) as part of a broader partnership between the second-largest U.S. car rental company and China's biggest.

The two companies announced the deal on April 16. No financial details were disclosed.

Under the agreement, Hertz will also get a seat on CAR's board, and CAR will acquire all of Hertz's business in China. The two companies' rental locations in the country will be co-branded.