Willscot Mobile Mini nearing $3 bln deal to acquire McGrath RentCorp - WSJ (updated)

Mcgrath Rentcorp

29/01/2024 03:49

(Adds details from the WSJ report in paragraphs 2 and 5,
background in paragraphs 4 and 6)
       Jan 28 (Reuters) - Portable storage solutions company
Willscot Mobile Mini  WSC.O  is nearing a more than $3 billion
deal to acquire business-to-business rental company McGrath
RentCorp  MGRC.O , the Wall Street Journal reported on Sunday.
    It is expected to be unveiled on Monday and would be a
cash-and-stock deal, according to the report, citing people
familiar with the matter.
     WillScot Mobile Mini did not immediately respond to a
Reuters request for comment, while McGrath RentCorp could not
immediately be reached.
    Based in Phoenix, Arizona, WillScot Mobile Mini leases
modular space and portable storage units to construction,
commercial and industrial, energy and natural resources,
government, healthcare end markets, among others.
    A deal would allow Willscot Mobile Mini to capitalize on
growing businesses demand for rental units, WSJ added.
    Livermore, California-based McGrath RentCorp rents and sells
relocatable modular buildings, storage containers and offices,
and electronic test equipment. It has a market value of $2.74
billion, according to LSEG data.
    
    

 (Reporting by Rishabh Jaiswal in Bengaluru; Editing by Sonia
Cheema and Rashmi Aich)
 ((rishabh.jaiswal@thomsonreuters.com;))