Hertz Spins Out Oro Mobility as Standalone Platform With $80M Investment From Cohen, Certares and Knighthead

Hertz Global Holdings has secured an $80 million strategic equity investment for its fleet management spinout Oro Mobility, establishing the subsidiary as an independent growth platform targeting driver-led and autonomous vehicle fleets. The deal, formally entered on October 16, 2026, involves a consortium of investors: Cohen Private Ventures and funds affiliated with Certares Opportunities LLC and Knighthead Capital Management. The investors purchased Class A Common Units of Oro Mobility Holdings LLC representing 50% of the voting units and approximately 15.86% of the common units for aggregate cash consideration of roughly $80.89 million. Hertz will retain majority economic ownership and continue to serve as Oro's fleet and corporate services partner.

In a concurrent transaction, Hertz agreed to repurchase approximately $51.1 million in aggregate principal of its 8.000% Exchangeable Senior Second-Lien Secured Paid-in-Kind Notes due 2029 from Certares and Knighthead for about $20.86 million, a 60% discount to par. Separately, Hertz transferred certain Oro-related assets to the joint venture along with approximately $60.03 million in cash ahead of the investor purchase. The full equity offering was approved for up to $100 million of units in the joint venture entity.

Oro currently operates approximately 45,000 vehicles across every major U.S. mobility market, functioning as an ownership, orchestration and operations layer that connects vehicles, technology providers and consumer demand. Gil West, CEO of Hertz and Executive Chairman of Oro, framed the investment as validation of Hertz's broader transformation strategy, while Oro CEO Doria Holbrook said the new capital will support expansion of the fleet and operations as ride-hail demand and autonomous vehicle deployments accelerate.