Brief: WillScot Mobile Mini To Buy McGrath RentCorp In $3.8 Bln Deal

Mcgrath Rentcorp

29/01/2024 11:07

Jan 29 (Reuters) - WillScot Mobile Mini Holdings:
    * WILLSCOT MOBILE MINI TO ACQUIRE MCGRATH RENTCORP FOR $3.8
BILLION, ENHANCING ITS POSITION AS THE NORTH AMERICAN LEADER IN
TURNKEY SPACE SOLUTIONS
    * MCGRATH RENTCORP: MCGRATH SHAREHOLDERS WILL RECEIVE FOR
EACH OF
THEIR SHARES EITHER $123.00 IN CASH OR 2.8211 SHARES OF WILLSCOT
MOBILE MINI COMMON STOCK
    * MCGRATH RENTCORP: TRANSACTION VALUES MCGRATH AT AN
ENTERPRISE
VALUE OF $3.8 BILLION, INCLUDING APPROXIMATELY $800 MILLION OF
NET DEBT
    * MCGRATH RENTCORP: EXPECTING DEAL TO GENERATE APPROXIMATELY
$700
MILLION OF ANNUAL FREE CASH FLOW BY END OF FIRST FULL YEAR
FOLLOWING CLOSING
    * MCGRATH RENTCORP - WILLSCOT MOBILE MINI HAS SECURED
COMMITTED
FINANCING FOR TRANSACTION BY WAY OF A $1.75 BILLION SENIOR
SECURED BRIDGE CREDIT FACILITY
    * MCGRATH RENTCORP - ALL DIRECTORS FOR RESPECTIVE BOARDS OF
WILLSCOT MOBILE MINI AND MCGRATH ADOPTED AND APPROVED
TRANSACTION
    * MCGRATH RENTCORP - TRANSACTION IS EXPECTED TO CLOSE IN Q2
OF
2024
    * MCGRATH RENTCORP: MCGRATH SHAREHOLDERS WILL HAVE ABOUT
12.6%
OWNERSHIP STAKE IN COMBINED COMPANY
    * MCGRATH RENTCORP: WILLSCOT MOBILE MINI HAS SECURED
COMMITMENTS
TO UPSIZE ITS EXISTING $3.7 BILLION ABL FACILITY BY $750 MILLION
TO $4.45 BILLION
    * MCGRATH RENTCORP - $50 MILLION OF RUN-RATE OPERATING
SYNERGIES
EXPECTED TO BE ACHIEVED WITHIN 24 MONTHS OF DEAL CLOSING
    * MCGRATH RENTCORP -  WILLSCOT EXPECTS THAT COMBINATION WILL
BE
ACCRETIVE TO EARNINGS PER SHARE WITHIN TWELVE MONTHS
POST-CLOSING

Source text for Eikon:  ID:nGNX3KDLLH 
Further company coverage:  MGRC.O 

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