M&A · Industrials · Services-Equipment Rental & Leasing, NEC
United Rentals, Inc. to acquire General Finance Corp
Announced Apr 15, 2021 · Closed May 25, 2021
Deal value$996MEV $996M
Premium—To unaffected price
EV / Adj. EBITDA10.6x2.9x EV / Revenue
ConsiderationAll cash$19.00 per share
Transaction
- Acquirer
- United Rentals, Inc. (URI)
- Target
- General Finance Corp (GFN)
- Buyer type
- Strategic
- Offer price per share
- $19.00
- Enterprise value
- $996M
- Status
- Closed May 25, 2021
Deal protections
- Break fee (target pays)
- —
- Reverse fee (buyer pays)
- —
- Go-shop
- No-shop
- Financing
- —
Advisors
- To the acquirer
- Not disclosed
- To the target
- Not disclosed
Sector context · Industrials
- Comparable deals
- 20 in the prior 24 months
- Premium
- Sector median 24.0%
- EV / Adj. EBITDA
- 10.6x vs. 10.0x sector median
- Break fee
- Sector median 2.4%
Timeline
- AnnouncedApr 15, 2021
- Tender offerApr 16, 2021
- ClosedMay 25, 2021