Car rental company Hertz has completed the acquisition of Dollar Thrifty Automotive Group (DTG), the holding company of Thrifty Car Rental and Dollar Rent A Car.

In late August 2012, Hertz has agreed to acquire Dollar Thrifty for $87.50 per share in an all-cash deal valued at about $2.3bn.

As part of the transaction, Dollar Thrifty will become a wholly owned subsidiary of Hertz.

Hertz has completed a tender offer, under which the car rental company purchased about 99.6% of the shares of Dollar Thrifty common stock.

The car rental company has acquired the remaining shares of Dollar Thrifty common stock by means of a short-form merger.

Under the short-form merger, each shares will be converted into the right to receive the same $87.50 per share in cash that will be paid in the tender offer.