Localiza Rent a Car, a Brazilian car rental company, agreed to merge with its rival Unidas in a $2.18bn deal. The transaction is awaiting final approval from Brazil’s antitrust agency Cade. Localiza will hold a 77% stake in the combined company and pay a 9% premium over Unidas’ closing stock price on September 22, 2020. The deal aims at creating a global player, besides increasing efficiency. The firms plan to reach a deal with rental car firm Enterprise Holdings to extend its mutual referral agreement with Unidas to Localiza.