H&E Equipment Stock Doubles on Acquisition by United Rentals for $4.8B

Deal Overview - United Rentals (URI) agreed to acquire H&E Equipment Services (HEES) for $4.8 billion, with the purchase price equating to $92 per share [2] - H&E Equipment Services shares more than doubled in value intraday Tuesday, reaching $90.51 [2] - Shares of United Rentals rose close to 4% following the announcement [2] Financial and Operational Impact - The combination expands United Rentals' fleet by nearly 64,000 units [1][3] - The deal is expected to generate roughly $130 million in annual cost synergies within two years of closing [1] - H&E generated adjusted EBITDA of $696 million on revenue of $1.52 billion in the 12 months ended Sept 30 [3] - The transaction includes $1.4 billion of net debt [3] Product and Service Expansion - The combined company's equipment rental offerings will include power and HVAC, portable storage, tool solutions, fluid solutions, and more [1] Timeline - The transaction is expected to close in the first quarter of 2025 [3]