Akin Gump Advises Neff Corp. in $1.3 Billion Acquisition by United Rentals, Inc.
(New York) – United Rentals, Inc. and Neff Corporation, operating as Neff Rental, today announced they have entered into a definitive agreement under which United Rentals will acquire Neff for $25 per share in cash, representing a total purchase price of approximately $1.3 billion. Akin Gump advised Neff in the matter.
Neff is one of the 10 largest U.S. equipment rental companies, with a presence in 14 states, mostly in the south. United Rentals is the largest equipment rental company in the world.
Immediately prior to entering into the definitive merger agreement with United Rentals, Neff terminated its previously announced merger agreement with H&E Equipment Services, Inc., in which it was also advised by Akin Gump. (Click here to read more.) In connection with this termination, United Rentals has paid H&E a termination fee of approximately $13.2 million on behalf of Neff.
Today’s transaction is expected to close in the fourth quarter of the year, subject to Hart-Scott-Rodino clearance and customary conditions.
The Akin Gump team was led by corporate partner Daniel Fisher and included corporate partner Zachary Wittenberg, antitrust partner Gorav Jindal, corporate counsel Nicholas Houpt and corporate associates John Clayton, Evan Goodman, Charlie Hely and Meagan Lanier.
Founded in 1945, Akin Gump Strauss Hauer & Feld LLP is a leading international law firm with more than 900 lawyers in offices throughout the United States, Europe, Asia and the Middle East.
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