Cohen Private Ventures Group Pays Hertz $80.9 Million for Oro Stake

A group led by Cohen Private Ventures paid Hertz $80.89 million for a stake in Oro Mobility, gaining half its voting rights while Hertz retained majority economic ownership.

The investors acquired 15,854,778 Class A common units on Oct. 19 under an agreement signed Oct. 16. The $80,891,975.10 purchase price went to Hertz for units it already held. The transaction was announced Oct. 20.

Before the purchase closed, Hertz transferred assets tied to Oro and about $60.03 million in cash to the business. That cash transfer was separate from the investors’ payment to Hertz. In another transaction, Hertz agreed to repurchase about $51.1 million in principal of its 8% exchangeable second-lien notes due 2029 for approximately $20.86 million, or 60% below face value.

The units give the buyer group about 15.86% of Oro’s economic rights before dilution under a management incentive plan. The group holds 50% of the votes and can appoint three members of Oro’s six-person board. Hertz appoints the other three and keeps most of the economic interest.

Funds or accounts affiliated with Certares Opportunities LLC and Knighthead Capital Management, LLC are also part of the group. Hertz will continue providing fleet and corporate services to Oro. Vehicle leases between the companies provide for payments of about $13.7 million a month and have an average term of approximately 4.5 years.

Oro operates about 45,000 vehicles across major U.S. mobility markets. As of Aug. 6, its driver-led fleet was active in four markets, and its drivers had logged more than 6 million miles. Those operations form the company’s existing business as it prepares to expand into autonomous vehicles.

“We believe Oro has established a differentiated position in a growing and dynamic mobility market,” said Andrew B. Cohen, chief investment officer and co-founder of Cohen Private Ventures.

As of Aug. 6, Oro’s first autonomous-vehicle partnership was expected to begin operating in the San Francisco Bay Area later in 2026. The planned Uber robotaxi service would use Lucid vehicles equipped with Nuro technology.