M&A · Industrials · Services-Miscellaneous Equipment Rental & Leasing
Herc Holdings Inc to acquire H&E Equipment Services, Inc.
Announced Feb 19, 2025 · Closed Jun 2, 2025
Deal value$3.84B
Premium138.7%To unaffected price
EV / Adj. EBITDA—
ConsiderationCash and stock$104.89 per share
Transaction
- Acquirer
- Herc Holdings Inc (HRI)
- Target
- H&E Equipment Services, Inc. (HEES)
- Buyer type
- Strategic
- Offer price per share
- $104.89
- Enterprise value
- —
- Status
- Closed Jun 2, 2025
Deal protections
- Break fee (target pays)
- $145M · 3.8%
- Reverse fee (buyer pays)
- —
- Go-shop
- No-shop
- Financing
- Committed · Credit Agricole, JPMorgan, Truist Securities, Wells Fargo, MUFG, SMBC Nikko +2
Advisors
- To the acquirer
- Guggenheim, Credit Agricole
- To the target
- BofA Securities
- BofA Securities fee
- $29.2M
Sector context · Industrials
- Comparable deals
- 87 in the prior 24 months
- Premium
- 138.7% vs. 36.5% sector median
- EV / Adj. EBITDA
- Sector median 9.1x
- Break fee
- 3.8% vs. 2.7% sector median
Timeline
- AnnouncedFeb 19, 2025
- Tender offerMar 19, 2025
- ClosedJun 2, 2025
Valuation · fairness opinions
Trading comparables$39.50$76.50
Trading comparables$39.25$78.25
Trading comparables$64.75$93.25
Discounted cash flow$53.50$102.50
52-week trading range$42.20$65.61
Offer $104.89
Implied value per H&E Equipment Services, Inc. share by analysis, from BofA Securities · DCF discount rate 8.5%–10%.