Herc Holdings to acquire H&E Equipment Services for $104.89/share; expects $300M EBITDA synergies

HERC HOLDINGS INC

Herc acquires H&E for $78.75 cash + 0.1287 Herc shares per share; total value $104.89/share (10-day VWAP).
H&E shareholders will own ~14.1% of combined company; transaction expected to close mid-2025.
Expected $300M annual EBITDA synergies by year 3: $125M cost, $175M revenue; accretive >20% to cash EPS.
Pro forma combined revenue ~$5.2B, EBITDA ~$2.5B; net leverage 3.8x at close, below 3.0x in 24 months.
Herc paid $63.5M termination fee to United Rentals on behalf of H&E.

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