Apollo Global Management Inc. is leading a $4 billion wager on Americans’ rising propensity to travel by car, agreeing to finance a planned refurbishing of Hertz Global Holdings Inc.’s aging vehicle fleet as the U.S. rental-car business rebounds.
Hertz, which is vying to reorganize itself in bankruptcy, said in a court filing Wednesday that it chose a financing package from several affiliates of the investment firm following a competitive process.
Insurance…
