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Ford Group to Buy Hertz

October 02, 1987|Associated Press

CHICAGO — Allegis Corp. said today it has agreed in principle to sell Hertz Corp. for $1.3 billion to an investment group formed by Ford Motor Co. and Hertz senior managers.

Frank A. Olson, Allegis chairman and chief executive officer, will leave Allegis to take those same positions at Hertz, the nation's largest car rental company, said Matt Gonring, an Allegis spokesman. Olson held those posts before becoming Allegis chairman in June. Negotiations for formal documentation of the transaction, which is subject to government regulatory approval, were to begin immediately, said Allegis, owner of United Airlines.

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