Herc Holdings Inc. has introduced that the acquisition of H&E Gear Companies Inc. (referred to as H&E Leases) has been accomplished.
“The acquisition of H&E accelerates Herc’s confirmed technique and strengthens our place as a premier rental firm in North America,” stated Larry Silber, Herc Leases’ president and chief govt officer.
Silber continues:
The addition of H&E’s community and capabilities gives Herc with a number one presence in 11 of the highest 20 rental areas, a bigger fleet that gives our prospects with a variety of specialty and basic rental merchandise, and a proficient staff who shares our concentrate on excellence in customer support and security. We’re excited to comprehend the substantial upside forward for industry-leading progress and superior worth creation.
Underneath the phrases of the merger settlement, Herc Leases acquired the entire issued and excellent shares of H&E’s widespread inventory for, on a per share foundation, $78.75 in money and 0.1287 shares of Herc Leases widespread inventory. With the completion of the transaction, shares of H&E widespread inventory have ceased buying and selling and can not be listed on the NASDAQ.
Herc was suggested by Guggenheim Securities, LLC, lead monetary advisor. Further advising corporations included: Credit score Agricole Securities (USA) Inc., co-financial advisor; Credit score Agricole Company and Funding Financial institution, lead financing financial institution; Simpson Thacher & Bartlett LLP, authorized advisor; and Joele Frank, Wilkinson Brimmer Katcher served as strategic communications advisor.
