United Rentals To Buy General Finance In $996 Mln Deal

(RTTNews) - United Rentals Inc. (URI) said that it agreed to buy General Finance Corp. (GFN) for $19 per share in cash, representing a total enterprise value of about $996 million, including the assumption of $400 million of net debt.

The transaction is expected to be accretive to earnings per share and free cash flow upon close.

General Finance, which operates as Pac-Van and Container King in the U.S. and Canada, and as Royal Wolf in Australia and New Zealand, is a provider of mobile storage and modular office space. Its network of 106 branches and over 900 employees serves diverse end markets, including construction, commercial, industrial, retail, transportation, petrochemical, consumer, natural resources, governmental and education.

United Rentals intends to commence a tender offer by April 26, 2021, to acquire all of the outstanding shares of GFN common stock for $19 per share in cash.

The transaction is expected to close in the second quarter of 2021.