John M. Engquist, executive chair of H&E, expressed enthusiasm for the merger, describing it as a “win-win outcome” for customers, employees, and shareholders. “I am confident we’ve found an excellent landing spot for our employees,” Engquist said.
Industry Impact
United Rentals, the world’s largest equipment rental provider, operates 1,571 rental locations across North America and additional sites in Europe, Australia, and New Zealand. H&E is one of the largest equipment rental firms in the U.S., making the merger a significant industry consolidation.
The deal aims to strengthen United Rentals’ business, offering expanded resources and efficiencies for both companies.
Financing and Legal Representation
Morgan Stanley Senior Funding Inc. and Wells Fargo have provided bridge financing for United Rentals. BofA Securities served as the financial adviser for H&E.
Legal teams for the deal include Sullivan & Cromwell LLP for United Rentals and Milbank LLP for H&E. Sullivan & Cromwell’s team features partners Frank Aquila, Miaoting (Mimi) Wu, and others, while Milbank’s team includes Derek Winokur, Iliana Ongun, and several additional partners.
