Herc Rentals has officially finalized its acquisition of H&E Equipment Services, the company announced. Under the terms of the $5.3 billion deal, Herc acquired all of the issued and outstanding shares of H&E鈥檚 common stock for, on a per share basis, $78.75 in cash and 0.1287 shares of Herc Rentals common stock in a merger that included the assumption of $1.5 billion in H&E debt.

(Photo: Herc Rentals)

The deal follows a high-profile bidding contest earlier this year which saw Herc鈥檚 bid, made under a 鈥済o-shop鈥� clause in United鈥檚 original agreement with H&E, represented a 14% premium and included a $63.52 million termination fee paid to United on H&E鈥檚 behalf.

鈥淭he acquisition of H&E accelerates Herc鈥檚 proven strategy and strengthens our position as a premier rental company in North America,鈥� said Larry Silber, Herc Rentals鈥� president and chief executive officer. 鈥淭he addition of H&E鈥檚 network and capabilities provides Herc with a leading presence in 11 of the top 20 rental regions, a larger fleet that provides our customers with a range of specialty and general rental products, and a talented team who shares our focus on excellence in customer service and safety. We are excited to realize the substantial upside ahead for industry leading growth and superior value creation.鈥�

The merger, which included four deadline extensions, will see Herc鈥檚 footprint grow 35% from its original 451 locations to 613 across North America, and pro forma 2024 total revenues were $5.1 billion. Additionally, H&E will become a wholly-owned subsidiary of Herc and H&E Shares will cease trading on the Nasdaq Stock Market.