Athene Holding Ltd has completed a $891 million purchase of substantially all the assets of Hertz Global Holdings Inc’s subsidiary Donlen Corporation, a fleet management company.

Bermudian-based Athene said it plans to invest behind the Donlen platform “to support the continued growth and strength of the business”.

Athene has more than $200 billion of assets under management, and said it provides “a stable and long-term capital base, which will allow Donlen to expand capabilities, grow the team, and continue the company's award-winning customer service”.

Paul Stone, Hertz president and chief executive officer, said: "Hertz is very pleased with the successful outcome of the sale process for Donlen, which marks another significant accomplishment in our financial restructuring. We are pleased to have maximised Donlen's value and are making excellent progress on our financial and operational initiatives as we reposition Hertz for the future. We wish the entire Donlen team continued success under Athene's ownership."

Jim Belardi, Athene chairman and CEO, said: "We are confident that pairing Donlen's expertise in fleet management with Athene's strategic investment will result in a positive outcome for all parties involved.

“With our support, Donlen will be able to enhance their client experience and continue to grow their presence as a fleet management leader. This investment is squarely in line with our strategy of sourcing attractive, differentiated long-term investments that deliver strong and consistent returns for our growing portfolio. We look forward to partnering with Tom and the rest of Donlen's management team to help position the company for long-term success."

Tom Callahan, Donlen president, said: "I want to thank our dedicated employees for their commitment to providing best-in-class service to our customers. We are thrilled to gain the confidence and support of Athene, who believes deeply in our business and our people.

“Donlen will be even better positioned for the future as an industry leader with Athene's investments in our proprietary tools, data management capabilities, and our focus on exceptional customer service, and we look forward to a bright future together."