United Rentals, Inc. announced on January 14 that it will acquire H&E Equipment Services for $92 per share in cash, reflecting a total enterprise value of approximately $4.8 billion, including approximately $1.4 billion of debt.
Baton Rouge, La.-based H&E Services’ 2,900 employees and $2.9 billion rental fleet of 160 branches in 30 states were included in the deal, which is expected to close in the first quarter of this year.
Matthew Flannery, CEO of Stamford, Conn.-based United Rentals, said: “In H&E we are acquiring a well-run operation that is poised to benefit from our technology, operations and broad value proposition. The most Importantly, we’re gaining a great team that shares our intense focus on security and customer service.”
Both companies’ boards of directors approved the transaction, and H&E executives praised the merger.
“I am very proud of what we have built at H&E over the past 60 years and I am confident that our combination with United Rentals will take the business to new heights in the future.” said Bradley W. Barber, CEO of H&E.
