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Huizenga buying Alamo
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November 7, 1996: 1:10 p.m. ET
Republic, on a buying spree, offers $625 million for Alamo Rent-A-Car
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NEW YORK (CNNfn) - Republic Industries, the Fort Lauderdale conglomerate run by H. Wayne Huizenga, said Thursday that it would acquire privately-held Alamo Rent-A-Car Inc. for $625 million in stock.
The agreement comes one month after another proposed deal, the $5 billion acquisition of burglar alarm company ADT Ltd., collapsed.
That deal was scotched after the two companies were unable to agree on terms of a deal, partially due to the volatility of Republic's stock.
At midday Thursday, Republic stock remained unchanged from the previous day's close of $34.50.
Republic, originally a waste-management company, has been on an acquisition spree since it was purchased in 1995 by Huizenga, who also owns three of South Florida's professional sports teams.
The acquisition of Alamo complements existing Republic used-car operations.
"The combination of Alamo with Republic's 'like-new' automobile retailing concept, " he said, "is an exceptional fit that will enable AutoNation USA to accelerate its business plan and create a unique, dedicated and predictable source of inventory for our Megastore distribution system.
"In addition, we will be able to benefit from Alamo's strong relationships with manufacturers and other suppliers of vehicles."
Alamo is the fourth-largest car rental company in the United States, with 130,000 vehicles.
Republic is the third company to be run by Huizenga, who previously owned Blockbuster Video and Waste Management, another garbage company.
He also owns the Florida Marlins baseball team, the Miami Dolphins football team and the Florida Panthers ice hockey team. 
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Huizenga's Third Act
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