United Rentals has completed the previously announced acquisition of General Finance Corp.
Matthew Flannery, chief executive officer of United Rentals, said, “We’re delighted to welcome our new customers and team members to United Rentals. This is an acquisition with strong strategic and financial merits, timed to serve the increasing demand in our end markets. It expands our growth capacity…”
The company plans to update its 2021 financial outlook to reflect the combined operations when it releases financial results for the second quarter in July.
The acquisition of General Finance was structured as a merger under Section 251(h) of the General Corporation Law of the State of Delaware, following the successful completion of the cash tender offer by UR Merger Sub VI Corporation, to purchase all outstanding shares of common stock of General Finance for $19.00 per share net.
As a result of the merger, all remaining shares of common stock of General Finance (other than those shares held by General Finance, United Rentals (North America), Inc., a Delaware corporation and a wholly owned subsidiary of United Rentals, or Merger Sub) were cancelled and converted into the right to receive $19.00 per share net to the holder thereof in cash, without interest, less any applicable withholding of taxes.