Mergers and Acquisitions
United Rentals Acquires H&E Equipment Services for $4.8B
Deal expands already large United Rentals footprint in the equipment rental market
The acquisition brings H&E's considerable rental market footprint into the United Rentals business.
Photo courtesy United Rentals
United Rentals Inc., announced Jan. 14 it will acquire H&E Equipment Services for $92 per share in cash, reflecting a total enterprise value of about $4.8 billion, including about $1.4 billion of debt.
All 2,900 employees and the $2.9-billion rental fleet of Baton Rouge, La.-based H&E Equipment Services—located across 160 branches in 30 states—is included in the deal, which is expected to close in the first quarter of this year.
"In H&E we’re acquiring a well-run operation that’s primed to benefit from our technology, operations and broad value proposition," said Matthew Flannery, CEO of Stamford, Conn.-based United Rentals. "Most importantly, we’re gaining a great team that shares our intense focus on safety and customer service."
Both companies' boards approved the transaction.
"I’m extremely proud of what we’ve built at H&E over the last 60 years and am confident that our combination with United Rentals will take the business to new heights going forward." said CEO Bradley W. Barber.
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