Hertz has acquired a 20% stake in Car and a seat on its board in return for the acquisition of all of Hertz's business in China.

Hertz, a US-based automotive rental company, has agreed to acquire a 20% stake in peer China Auto Rental (Car).

Car will now acquire and integrate all of Hertz’s rental business in China. No financial terms have been disclosed.

In 2012 Car filed a listing application to raise $130m which it later cancelled following a $200m investment from Car shareholders US-based private equity firm Warburg Pincus and technology company Legend Holdings.