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Hirequip Shareholders Approve Sale

Dec 22, 2006 12:58 PM

Hirequip Shareholders met last week to approve the sale of New Zealand’s largest rental company to Pacific Equipment Solutions, an associate of Japanese private equity fund Nikko Principal Investments. Nikko shareholders recently met to approve the transaction.

The vote was 98.6 percent in favor of the sale and 1.4 percent against, according to Hirequip CEO Graeme Wong.

The acquisition, worth about NZ $165 million (about U.S. $112 million), was announced Nov. 27.

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