ESTERO, Fla., June 6, 2016 /PRNewswire/ -- The board of directors of Hertz Global Holdings, Inc. (NYSE: HTZ ) has formally approved the previously announced separation of its car rental and equipment rental businesses. The separation is expected to be tax-free to Hertz Global Holdings stockholders for U.S. federal income tax purposes. A Form 10 registration statement detailing the transaction is on file with the U.S. Securities and Exchange Commission. Emerging from the transaction will be two companies: a new Hertz Global Holdings, Inc., which will consist of the worldwide rental car business and leasing business of Donlen Corporation, and Herc Holdings Inc., which will consist of the worldwide equipment rental business.