Hertz Global Holdings Inc., the world’s largest rental car company, announced yesterday that it would acquire corporate fleet manager Donlen Corp. for $930 million in cash and assumed debt. Weil, Gotshal and Manges served as structured finance counsel to Hertz on the transaction.

According to the terms of the transaction, which has been approved by the boards of both companies, Hertz will pay $250 million in cash and assume approximately $680 million of Northbrook, Illinois-based Donlen’s debt, which Hertz expects to refinance on improved terms.

The Weil team was led by Corporate partner Jason Smith and included Corporate counsel Brian Waldbaum, Tax partner Larry Gelbfish, Business Finance and Restructuring partner Jackie Marcus, and Corporate associate Matthew Schwartz.