Hertz agrees to buy rival Dollar Thrifty

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Hertz Global Holdings Inc., is the world's largest car rental company, says it will buy rival Dollar Thrifty Automotive Group for about $1.17 billion in cash and also stock.

Hertz says this deal will give it an additional 1,550 additional locations, boosting its total to 9,800. It says it will boost its leisure rental business in Europe and other places.

Hertz says its bid values Tulsa, Okla.'s Dollar Thrifty at $41 each share, with a 5.5 percent premium to Friday's closing price of $38.85.

The $1.2B offer s made up of 80 percent cash and 20 percent Hertz stock.