H&E Equipment Services, Inc. (NASDAQ: HEES) and Herc Holdings Inc. (NYSE: HRI) announced that H&E has terminated its prior merger agreement with United Rentals, Inc. (NYSE: URI) and that Herc and H&E have entered into a definitive merger agreement under which Herc will acquire H&E.
As previously announced on February 18, 2025, under the terms of the Herc and H&E agreement, H&E shareholders will receive $78.75 in cash and 0.1287 shares of Herc common stock for each share they own, with a total value of $104.89 per share based on Herc’s 10-day VWAP as of market close February 14, 2025. Following the close of the transaction, H&E’s shareholders will own approximately 14.1% of the combined company.
Milbank is serving as legal counsel to H&E, with a deal team led by Global Corporate/M&A partners Derek Winokur and Iliana Ongun; Executive Compensation partners Mike Shah and Kelly Bartley; Tax partner Edward Lemanowicz; Corporate Finance and Securities partners Antonio Diaz-Albertini, Brett Nadritch and Jonathon Jackson; Antitrust partners Adam Di Vincenzo and Grant Bermann; and Litigation partner Dan Perry. The team also included Global Corporate/M&A associates Rachel Rice, Leslie Hamic, Ryan Aymard, Mark Freeman, Lauren Giles and Daniel Munden; Antitrust special counsel Alexis Brown-Reilly and associate Ari Blask; Intellectual Property special counsel John Garces; Tax associate Michael Rivkin; Executive Compensation associate Joo Hyeon Lee; Litigation associate Victor Hollenberg; and Corporate Finance and Securities associate Sandhya Ramaswamy.
