Summary
United Rentals, Inc. (URI) has officially completed its acquisition of BakerCorp International Holdings, Inc. (BakerCorp) through a merger, effective July 31, 2018. This strategic move, involving a purchase price of $715 million, subject to adjustments, is expected to enhance URI's market position. The company has also secured a representations and warranties insurance policy to further protect against potential breaches. In conjunction with the acquisition's closing, URI has updated its 2018 financial guidance to incorporate the impact of the BakerCorp integration. Investors should note that the full details of the merger agreement were previously filed and incorporated by reference. This transaction marks a significant development for United Rentals, aiming to drive growth and potentially improve operational synergies.
Key Highlights
- 1Completion of the acquisition of BakerCorp International Holdings, Inc. (BakerCorp) on July 31, 2018.
- 2The aggregate purchase price for BakerCorp is $715 million, subject to customary adjustments.
- 3BakerCorp has been merged into United Rentals (North America), Inc. (URNA), with URNA continuing as the surviving entity.
- 4United Rentals has obtained a representations and warranties insurance policy to supplement the indemnity escrow amount.
- 5The company has updated its 2018 financial guidance to reflect the impact of the BakerCorp acquisition.
- 6The merger agreement was originally entered into on June 30, 2018.