November 11, 2019 / 7:41 AM / a month ago

Dutch equipment rental firm Boels bids 592 million euros for rival Cramo

Nov 11 (Reuters) - Dutch equipment rental firm Boels Topholding B.V. plans to offer 592 million euros ($652 million) for all the shares in rival Cramo, seeking to create a leading pan-European player in equipment rental, the companies said on Monday.

Boels will offer 13.25 euros for each Cramo share. Cramo had said last week it was in “advanced talks over a potential offer” at that price, without providing details.

Cramo said its board has unanimously decided to recommend shareholders to accept the offer, and shareholders representing 18.9% of shares have agreed to take it up.

“Our vision is to build a European leader in the equipment rental market. The combined company will be a leading player in Europe with a business in 17 countries, and a top-3 position in 12 of those,” said Pierre Boels, chief executive of privately held Boels Topholding.

The combined company would have annual revenue of around 1.25 billion euros and manage one of the largest depot networks in Europe, with more than 750 facilities. ($1 = 0.9074 euros) (Reporting by Tarmo Virki in Tallinn, editing by Louise Heavens)

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