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# Hertz's Biggest Holders Buy Half Of Oro Mobility's Votes, Sell Back $51.1 Million Of Notes At 60% Off
- URL: https://www.bullished.co/hertzs-biggest-holders-buy-half-of-oro-mobilitys-votes-sell-back-51-1-million-of-notes-at-9282d515/
- Published: 2026-10-21T20:45:51.000Z
- Updated: 2026-10-29T19:27:28.000Z
- Description: Certares and Knighthead affiliates paid about $80.89 million into a Hertz joint venture and sold notes back to Hertz at a discount.
- Author: Matteo Parrino
- Tags: SEC Filings, HTZ, Industry: Industrials, Topic: Ownership & Activism

Affiliates of Certares and Knighthead, which together hold [50.9% of Hertz's common stock](https://www.sec.gov/Archives/edgar/data/0001852329/000090514826004537/xslSCHEDULE%5F13D%5FX01/primary%5Fdoc.xml?ref=bullished.co), agreed to pay about $80.89 million for half the voting units of Oro Mobility Holdings, a [Hertz](https://www.bullished.co/tag/htz/) joint venture. The same filing, a Schedule 13D/A (an amended ownership disclosure) filed Wednesday, shows Hertz agreed to buy back about $51.1 million of its Exchangeable Notes from those affiliates at a 60% discount to par.

## What the amendment says

The filing, Amendment No. 13, lists CK Amarillo LP, CK Amarillo GP, Certares Opportunities and Knighthead Capital Management as reporting persons. Each reports [181,455,469 shares](https://www.sec.gov/Archives/edgar/data/0001852329/000090514826004537/xslSCHEDULE%5F13D%5FX01/primary%5Fdoc.xml?ref=bullished.co) with shared voting power. The percentage is based on 356,451,393 shares outstanding as of July 30, 2026, per Hertz's quarterly report filed August 6, 2026.

Item 4 says that on October 16 Hertz and a group of investors, the "JV Investors," which includes funds or accounts tied to Certares and Knighthead, entered the joint venture. Before the investor purchase, Hertz moved the Oro Mobility business assets not already in the entity, plus about $60.03 million in cash, into Oro Mobility Holdings LLC, formerly Hertz Mobility Holdings LLC.

The investors bought Class A Common Units from Hertz. Those units carry 50% of the voting units and about 15.86% of the common units, before dilution from the venture's management incentive plan, for about $80.89 million in cash.

At the same time, Hertz agreed to repurchase about $51.1 million of principal in Exchangeable Notes from funds or accounts affiliated with Certares and/or Knighthead. The price was about $20.86 million.

## What it changes

The Certares-Knighthead group sits on both sides: it is Hertz's majority holder, a buyer of the venture's voting units and a seller of notes back to Hertz. The venture board will have six members, and Hertz and the JV Investors each designate three, under an LLC agreement effective October 19.

Oro was announced Tuesday with an $80 million equity investment from a group that included Cohen Private Ventures alongside Certares and Knighthead affiliates, [according to Hertz as reported by MarketWatch](https://www.marketwatch.com/story/hertz-shares-climb-on-80m-investment-in-hertz-backed-oro-mobility-c76f9abe?ref=bullished.co). Hertz described Oro as a standalone growth platform. MarketWatch reported the stock is [down 60%](https://www.marketwatch.com/story/hertz-shares-climb-on-80m-investment-in-hertz-backed-oro-mobility-c76f9abe?ref=bullished.co) so far this year; Hertz closed at $2.07 on Wednesday.

## What to watch

The filing incorporates the Purchase Agreement and LLC Agreement by reference to exhibits in Hertz's 8-K filed October 20\. Those documents carry the full terms.

The 13D/A's own summary is brief; the agreements in Hertz's October 20 8-K are where the complete terms sit.

Learn

- [13D Filing Requirements And Deadline, Shown With Real Filings →](https://www.bullished.co/learn/13d-filing-requirements/)  
A Schedule 13D is required when you own more than 5% of a public company's voting shares. See the deadline, contents and real filings from this week.
- [13D Vs 13G: What Each 5% Stake Filing Means And How To Read One →](https://www.bullished.co/learn/13d-vs-13g/)  
13D vs 13G: both report stakes above 5%, but 13G is the short passive form and 13D explains intent. See real BlackRock and Pictet filings read in plain English.

### Sources

- [SCHEDULE 13D/A — CK Amarillo LP re: Hertz Global Holdings, Inc. (HTZ)](https://www.sec.gov/Archives/edgar/data/0001852329/000090514826004537/xslSCHEDULE%5F13D%5FX01/primary%5Fdoc.xml?ref=bullished.co) — SEC EDGAR
- [Hertz Shares Climb on $80M Investment in Hertz-Backed Oro Mobility](https://www.marketwatch.com/story/hertz-shares-climb-on-80m-investment-in-hertz-backed-oro-mobility-c76f9abe?ref=bullished.co) — MarketWatch
- [Why Is Hertz (HTZ) Stock Soaring Today](https://finance.yahoo.com/markets/stocks/articles/why-hertz-htz-stock-soaring-184550045.html?ref=bullished.co) — Yahoo Finance
- [Hertz shares jump 5% as subsidiary Oro Mobility secures $80M strategic investment](https://finance.yahoo.com/markets/stocks/articles/hertz-shares-jump-5-subsidiary-115250193.html?ref=bullished.co) — Yahoo Finance
- [Steve Cohen backs Hertz's robotaxi ambitions with $80 million investment](https://www.axios.com/2026/10/20/steve-cohen-hertz-robotaxi-80-million?ref=bullished.co) — Axios
- [Hertz-backed Oro Mobility raises $80M to operate as standalone fleet platform (HTZ:NASDAQ) | Seeking Alpha](https://seekingalpha.com/news/4654548-hertz-backed-oro-mobility-raises-80m-to-operate-as-standalone-fleet-platform?ref=bullished.co) — seekingalpha.com

### More on Hertz Global Holdings

- [Hertz Sells Investors 50% Of Oro's Votes But Only 15.86% Of Its Common Units, For $80.89 Million](https://www.bullished.co/hertz-sells-investors-50-of-oros-votes-but-only-15-86-of-its-common-units-for-80-89-36c38165/)
- [Hertz Names Joseph Hinrichs To Board, Puts Him On Audit And Risk Committee](https://www.bullished.co/hertz-names-joseph-hinrichs-to-board-puts-him-on-audit-and-risk-committee-f12c4319/)
- [Hertz Shares Rise 17% Tuesday; Board Overhaul Was Disclosed Last Thursday](https://www.bullished.co/hertz-shares-rise-17-tuesday-board-overhaul-was-disclosed-last-thursday/)

[All Hertz Global Holdings (HTZ) coverage →](https://www.bullished.co/tag/htz/)