WILLSCOT MOBILE MINI TO ACQUIRE MCGRATH RENTCORP IN A $3.8 BILLION TRANSACTION

30 January 2024

On January 29th, 2024 WillScot Mobile Mini Holdings Corp. (“WillScot Mobile Mini”, NASDAQ: WSC), a leader in innovative temporary space solutions, announced it has entered into a definitive agreement to acquire McGrath RentCorp (“McGrath”, NASDAQ: MGRC), a leading business-to-business rental company based in Livermore, California.

According to company, the acquisition will enhance WillScot Mobile Mini’s position as a North American leader in turnkey space solutions with a complementary geographic footprint and a more diversified platform, providing enhanced value across key customer segments.

McGrath shareholders will receive for each of their shares either $123.00 in cash or 2.8211 shares of WillScot Mobile Mini common stock, as determined pursuant to the election and allocation procedures in the merger agreement under which 60% of McGrath’s outstanding shares will be converted into the cash consideration and 40% of McGrath’s outstanding shares will be converted into the stock consideration.

The transaction values McGrath at an enterprise value of $3.8 billion, including approximately $800 million of net debt.

All directors for the respective Boards of WillScot Mobile Mini and McGrath adopted and approved the transaction.

The transaction is expected to close in the second quarter of 2024 and is subject to approval by McGrath shareholders, regulatory approvals and other customary closing conditions.

WillScot Mobile Mini to Acquire McGrath RentCorp for $3.8 Billion, Enhancing Its Position as the North American Leader in Turnkey Space Solutions


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