United Rentals to acquire H&E Equipment Services for $92 per share in cash
United Rentals agreed on January 13, 2025, to buy H&E Equipment Services in an all-cash deal valued at a total enterprise value of about $4.8 billion, including about $1.4 billion of net debt. The deal will be done through a tender offer followed by a second-step merger, and the companies expect it to close in the first quarter of 2025. United Rentals has paused its share repurchase plan to reduce leverage after the deal, which the filing says the company expects to bring pro forma net leverage to about 2.3x at closing.
Key points
- Purchase price is $92 per H&E share in cash, with a total enterprise value of about $4.8 billion.
- H&E has a 35-day go-shop period ending 11:59 p.m. Eastern Time on February 17, 2025, during which it may seek alternative proposals.
- United Rentals expects about $130 million of annualized cost synergies within 24 months of closing and about $120 million of annual revenue cross-sell synergies by year three.
- The filing sets a termination fee of $127,047,785 payable by H&E in certain circumstances, and the company has paused its share repurchase plan.
The filing
Written by AI on Nov 8, 2026, 1:42 AM ET, from this filing only. Written later: this filing was briefed after the fact, when past filings were added to the site, so the brief may be read with hindsight; the filing itself is the record of what was known on January 14, 2025.
Briefs are written by AI from the filing text and can contain mistakes — open the filing before acting on anything. Impact (1-5) and tone are the AI's reading of the filing for shareholders, not a price forecast. Not investment advice.