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    1. News & Analysis
    2. Headline News

    United Rentals Agrees to Acquire H&E Equipment Services in Blockbuster $4.8 Billion Deal

    Jan. 15, 2025
    Under the terms of the agreement, United Rentals will commence a tender offer to acquire all outstanding shares of H&E for $92.00 per share in cash.

    United Rentals has entered into a definitive agreement to acquire H&E Equipment Services Inc. in an all-cash transaction with an enterprise value of approximately $4.8 billion.

    Under the terms of the agreement, United Rentals will commence a tender offer to acquire all outstanding shares of H&E for $92.00 per share in cash. The agreement was approved by H&E’s board of directors, which recommends that H&E stockholders tender their shares in the offer.

    Milbank LLP advised H&E Equipment Services Inc. in the 4.8 billion deal.

    The Milbank team was led by Global Corporate/M&A partners Derek Winokur and Iliana Ongun; Executive Compensation partners Mike Shah and Kelly Bartley; Tax partner Edward Lemanowicz; Corporate Finance and Securities partners Antonio Diaz-Albertini, Brett Nadritch and Jonathon Jackson; and Antitrust partner Adam Di Vincenzo. 

    United Rentals is the world’s largest equipment rental company. Headquartered in Stamford, Conn., United reported $14.3 billion in revenue in 2023, with $12.1 billion in equipment rental volume. H&E Equipment Services, also doing business as H&E Rentals, is based in Baton Rouge, La. The company, No. 6 on the RER 100, posted $1.47 billion in total revenue in 2023, with $1.19 billion in rental volume.

    About the Author

    Michael Roth | Editor

    Michael Roth has covered the equipment rental industry full time for RER since 1989 and has served as the magazine’s editor in chief since 1994. He has nearly 30 years experience as a professional journalist. Roth has visited hundreds of rental centers and industry manufacturers, written hundreds of feature stories for RER and thousands of news stories for the magazine and its electronic newsletter RER Reports. Roth has interviewed leading executives for most of the industry’s largest rental companies and manufacturers as well as hundreds of smaller independent companies. He has visited with and reported on rental companies and manufacturers in Europe, Central America and Asia as well as Mexico, Canada and the United States. Roth was co-founder of RER Reports, the industry’s first weekly newsletter, which began as a fax newsletter in 1996, and later became an online newsletter. Roth has spoken at conventions sponsored by the American Rental Association, Associated Equipment Distributors, California Rental Association and other industry events and has spoken before industry groups in several countries. He lives and works in Los Angeles when he’s not traveling to cover industry events.