BRUSSELS, Oct 22 (Reuters) - European Union competition authorities cleared ANC Rental's sale of its Alamo Rent a Car and National Car Rental chains to private equity firm Cerberus Capital Management on Wednesday.
ANC Rental, which has been operating under bankruptcy protection since November 2001, announced the $230 million cash sale in June.
New York-based Cerberus would also assume $2 billion of ANC's debt secured on hire cars and $60 million dollars of other debt, and offer $150 million of working capital, ANC said at the time of the deal.
Alamo and National have more than 3,200 locations in 83 countries, but the car hire business in ANC's U.S. home market was badly hit by the September 11 attacks and Americans' subsequent reluctance to travel.
The deal was approved under the simplified procedure used when neither customers nor consumers have objections.