WillScot enters FX hedge for £330M Mobile Mini UK sale proceeds

WillScot Holdings Corp

On Dec 21, 2022, executed contingent forward contract with Deutsche Bank to sell £330M at 1.20550-1.20440 GBP/USD.
Contract expires Sep 11, 2023; no economic risk if sale does not close by then.
Sale enterprise value ~£335M, expected to close in Q1 2023 (previously announced).
Contract not eligible for hedge accounting; revalued quarterly with unrealized gains/losses in earnings.

Key facts

Extracted from this filing and checked against the source text.

Material Agreements SEC 8-K Item 1.01/1.02 confidence 1.0

WillScot Holdings Corp entered into Stock Purchase Agreement with Algeco UK Holdings Limited valued at approximately £335 million (effective 2022-12-13).

Action: entry
Agreement: asset purchase
Counterparty: Algeco UK Holdings Limited
Value: approximately £335 million
Effective: 2022-12-13

Exact text from the filing

As previously disclosed, on December 13, 2022, Mobile Mini, Inc. (“Mobile Mini”), an indirect subsidiary of WillScot Mobile Mini Holdings Corp. (the “Company”), entered into a Stock Purchase Agreement (the “Stock Purchase Agreement”) with Algeco UK Holdings Limited, a private limited company incorporated in England and Wales (“Buyer”), pursuant to which Buyer will acquire (the “Transaction”) all of the issued and outstanding equity interests of Mobile Mini UK Holdings Limited (“Mobile Mini UK”), an indirect subsidiary of the Company which operates the Company’s UK Storage segment.

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WillScot Holdings Corp filing history →

Source: SEC EDGAR

accession 0001628280-22-032598

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