H&E acquiring Miami equipment company for $1.2B
Baton Rouge’s H&E Equipment Services is acquiring Neff Corporation, a regional equipment rental company based in Miami, in a deal valued at $1.2 billion that will double its number of branches.
H&E says it will pay $21.07 in cash per share for Neff. The deal also includes about $690 million in debt, a news release says.
“This transaction will bring together what we believe to be two highly complementary businesses that share a commitment to addressing the increasingly complex equipment needs of our customers,” H&E CEO John Engquist says in a statement.
The companies have already signed a definitive merger agreement and their boards have approved the deal, which is expected to close late in the third quarter or early in the fourth quarter of this year.