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BRIEF-H&E Equipment to buy Neff for about $1.2 bln
2017年7月14日 / 下午2点13分 / 11 天内

BRIEF-H&E Equipment to buy Neff for about $1.2 bln

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July 14 (Reuters) - Neff Corp:

* H&E Equipment Services to acquire Neff Corporation to create leading equipment rental company

* Neff - During "go-shop" period special committee of board, with assistance of financial advisors, may solicit alternative proposals to buy co

* Neff - ‍per share deal consideration payable to co's stockholders subject to adjustments, not to exceed $0.44/share, under some conditions​

* Deal for ‍$21.07 in cash per share​

* H&E will pay $21.07 in cash per share of Neff common stock, for a total enterprise value of approximately $1.2 billion

* H&E estimates acquisition will create $25 to $30 million of synergies annually

* Wells Fargo Bank and affiliated entities have agreed to provide committed financing for transaction, subject to customary conditions​

* Merger agreement includes a "go-shop" period runs through August 20, 2017

* Agreement has been unanimously approved by boards of directors of both companies​

* Deal for $1.2 billion, including approximately $690 million of net debt

* Private investment funds managed by Wayzata Investment Partners holding about 62.7% of of Neff have executed written consent to approve the deal

* Acquisition of Neff is expected to generate in excess of $800 million of gross tax assets for H&E

* Wells Fargo Securities LLC acted as financial advisor to H&E and Dechert LLP acted as H&E's legal advisor Source text for Eikon: Further company coverage: (Bengaluru Newsroom: +91 806 749 1136)

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