STAMFORD, Conn. & SEAL BEACH, Calif.--(BUSINESS WIRE)--United Rentals, Inc. (NYSE:URI) (“United Rentals” or “the company”) and BakerCorp International Holdings, Inc. (“BakerCorp”) today announced that they have entered into a definitive agreement under which United Rentals will acquire BakerCorp for approximately $715 million in cash. The boards of directors of United Rentals and BakerCorp have unanimously approved the agreement. The transaction is expected to close in the third quarter of 2018.
BakerCorp is a leading multinational provider of tank, pump, filtration and trench shoring rental solutions for a broad range of industrial and construction applications. The company has approximately 950 employees serving more than 4,800 customers in North America and Europe. BakerCorp’s operations are primarily concentrated in the United States and Canada, where it has 46 locations, with another 11 locations in France, Germany, the UK and the Netherlands. For the trailing 12 months ended May 31, 2018, BakerCorp generated $79 million of adjusted EBITDA at a 26.9% margin on $295 million of total revenue.
The company plans to update its 2018 financial outlook to reflect the combined operations after the transaction is complete.