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Customers wait in line at a Hertz rental car counter at San Jose International Airport in San Jose, Calif., Monday, May 9, 2011. Hertz has acquired rival Dollar Thrifty Automotive Group Inc.

Paul Sakuma/The Associated Press

U.S. car rental giant Hertz will acquire its former competitor Dollar Thrifty for $2.3-billion, the two companies announced on Monday.

In a joint statement, the two companies said their boards of directors had unanimously approved the transaction.

They said the combination of Hertz and Dollar Thrifty will create "a global, multibrand rental car leader offering customers a full range of rental options through its strong premium and value brands."

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According to the announcement, Hertz will pay Dollar Thrifty shareholders $87.50 per share in cash.

"We'll be a stronger global competitive player with a full range of rental options not only in the US but in Europe and other markets given Dollar Thrifty's strong international presence," Hertz chairman and chief executive officer Mark Frissora said.

Scott Thompson, president, CEO and chairman of the board of Dollar Thrifty called Hertz's offer "compelling," adding that the merger would be "a win-win transaction" for both companies.

"Hertz is the logical partner for us with the resources to expand our value focused leisure brands in key car rental markets around the world," said Thompson.

The deal is still subject to approval by the Federal Trade Commission.

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