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H&E Equipment Services shares more than doubled in value Tuesday after United Rentals agreed to buy the company for $4.8 billion.
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The combination of equipment tenants expands United Rentals’ fleet by approximately 64,000 units.
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The companies expect to close the deal in the first quarter of 2025.
H&E Equipment Services (songThe value of shares doubled during trading on Tuesday after the company reached an agreement acquired By United Rentals (URI) for $4.8 billion.
The purchase price equates to $92 per share, and H&E stock rose accordingly to $90.51 during the day Tuesday. United Rentals shares rose nearly 4%.
The combination of equipment lessees expands the United Rentals fleet by approximately 64,000 units and is expected to generate approximately $130 million annually Cost synergies Within two years of completing the deal. The combined company’s equipment rental offerings will include power, air conditioning, portable storage, tool solutions, fluid solutions and more.
H&E modified EBITDA of $696 million on revenue of $1.52 billion in the 12 months ended September 30. Net debtThe company said it is expected to close in the first quarter of 2025.
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