Republic Completes Purchase of National

Republic Industries Inc. completed its $2.5-billion acquisition of National Car Rental System Inc. Republic said it will issue stock worth $803 million and assume Minneapolis-based National’s $1.7 billion in debt. In early January, the 21.7 million shares it issued were valued at $600 million, but the shares have surged since then. Fort Lauderdale, Fla.-based Republic, led by billionaire H. Wayne Huizenga, has bought a dozen new-car dealerships since December and last month completed its acquisition of the AutoNation USA used-car dealership chain. It also acquired Alamo Rent-A-Car Inc. last year. Republic said it intends to keep both the National and Alamo brand names and combine their back office operations to cut costs. Shares of Republic rose $3.25 to close at $38.375 on Nasdaq.