WillScot Mobile Mini to acquire McGrath RentCorp for $3.8B; $123/share cash or 2.8211 stock

MCGRATH RENTCORP

Merger valued at ~$3.8B; MGRC shareholders get $123 cash or 2.8211 WSC shares per share (60% cash/40% stock).
Board unanimously approved; expected close in first half 2024, subject to shareholder and regulatory approvals.
Combined 2023 pro forma revenue $3.2B and adjusted EBITDA $1.4B; ~$50M expected run-rate operating synergies.
Termination fees: WSC pays $180M if antitrust fails; MGRC pays $120M under certain conditions.
MGRC will become a wholly owned subsidiary of WSC; combined company serves 85,000+ customers.

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