India, Feb. 19 -- Herc Holdings (HRI) Wednesday announced that it will acquire H&E Equipment Services (HEES) after the later terminated its merger with United Rentals.
H&E shareholders will receive $78.75 per share in cash and 0.1287 Herc shares per share, valuing the company at $104.89 per share.
The deal makes Herc the third-largest rental provider in North America, with $5.2 billion in revenue and $2.5 billion in EBITDA. Expected synergies total $300 million annually.
Herc has secured financing and paid a $63.5 million termination fee to United Rentals.
The merger is expected to close mid-2025.
HRI is currently trading at $179.95, down 2.98 percent or $5.52 on the New York Stock Exchange.
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