The selling group, which also includes Bank of America Merrill Lynch, will continue to own about 110 million shares in Hertz Global following the sale, or 26 per cent.
Hertz Global’s last reported sale price of common stock was $16.21 per share on 10 December, which would make JP Morgan’s purchase worth $810m.
Shares in the firm were down 2.22 per cent for the day on $15.85 at 4.21pm GMT.
JP Morgan bought the shares as underwriter for the company’s public offering.
CD&R, Carlyle and Merrill Lynch Global Private Equity’s $15bn purchase of The Hertz Corporation from Ford Motor Company in 2005 put it among the biggest private equity deals of all time.
The consortium outbid Blackstone, TPG Capital, Bain Capital and Thomas H Lee Partners who had all teamed up to submit a joint bid.
Copyright © 2012 AltAssets