M&A · Industrials · Services-Miscellaneous Equipment Rental & Leasing
United Rentals, Inc. to acquire H&E Equipment Services, Inc.
Announced Jan 14, 2025 · Terminated Feb 19, 2025
Deal value$4.80BEV $4.80B
Premium109.4%To unaffected price
EV / Adj. EBITDA15.4x3.2x EV / Revenue
ConsiderationAll cash$92.00 per share
Transaction
- Acquirer
- United Rentals, Inc. (URI)
- Target
- H&E Equipment Services, Inc. (HEES)
- Buyer type
- Strategic
- Offer price per share
- $92.00
- Enterprise value
- $4.80B
- Status
- Terminated Feb 19, 2025
Deal protections
- Break fee (target pays)
- $127M · 2.6%
- Reverse fee (buyer pays)
- —
- Go-shop
- 35-day go-shop
- Financing
- Committed · Morgan Stanley, Wells Fargo
Advisors
- To the acquirer
- Not disclosed
- To the target
- BofA Securities
Sector context · Industrials
- Comparable deals
- 88 in the prior 24 months
- Premium
- 109.4% vs. 34.0% sector median
- EV / Adj. EBITDA
- 15.4x vs. 9.1x sector median
- Break fee
- 2.6% vs. 2.7% sector median
Timeline
- AnnouncedJan 14, 2025
- Tender offerJan 28, 2025
- TerminatedFeb 19, 2025