Akin Gump Advises Special Committee of Neff Corporation on $1.2 Billion Equipment Rental Sales Deal
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(New York) – H&E Equipment Services, Inc. and Neff Corporation today announced that they have entered into a definitive merger agreement under which H&E will acquire Neff. A team from Akin Gump advised the special committee of Neff’s board of directors in the sale.
Under the terms of the agreement, which has been unanimously approved by the boards of directors of both companies, H&E will pay $21.07 in cash per share of Neff common stock (subject to adjustment), for a total enterprise value of approximately $1.2 billion, including approximately $690 million of net debt. The transaction is expected to close in the late third quarter or early fourth quarter of 2017, and is subject to customary closing conditions including Hart-Scott-Rodino Act clearance.
H&E is one of the largest integrated equipment services companies in the United States with 78 full-service facilities throughout the West Coast, Intermountain, Southwest, Gulf Coast, Mid-Atlantic and Southeast regions. Neff is a leading regional equipment rental company in the United States, focused on the fast growing Sunbelt states.
The Akin Gump team was led by corporate partner Daniel Fisher and included corporate partner Zachary Wittenberg, antitrust partner Gorav Jindal and corporate counsel Nicholas Houpt.
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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