H&E Equipment Services (HEES) shares more than doubled in value intraday Tuesday after the company reached a deal to be acquired by United Rentals (URI) for $4.8 billion.

The purchase price equates to $92 per share, and H&E stock vaulted accordingly to $90.51 intraday Tuesday. Shares 🔯of United Rentals rose close to 4%. 

The combination of equipment renters expands United Rentals’ fleet by nearly 64,000 units and is expected to generate roughly $130 million in annual 澳洲幸运5官方开奖结果体彩网:cost synergies within two years of the deal closing. The combined company’s equipment rental offerings will incl꧟ude power and HVAC, portable storage, tool solutions, fluid solutions, and more. 

H&E generated adjusted EBITDA of $696 million on revenue of $1.52 billion in the 12 months ended Sept. 30. The transaction, which also includes $1.4 billion of net debt, is expected to close in the first quarter of 2025, the company said.