• H&E Equipment Services shares greater than doubled in value intraday Tuesday after United Rentals agreed to purchase the corporate for $4.8 billion.

• The mix of apparatus renters expands United Rentals’ fleet by nearly 64,000 units.

• The businesses expect the deal to shut in the primary quarter of 2025.

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

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

The mix of apparatus renters expands United Rentals’ fleet by nearly 64,000 units and is anticipated to generate roughly $130 million in annual cost synergies inside two years of the deal closing. The combined company’s equipment rental offerings will include 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 within the 12 months ended Sept. 30. The transaction, which also includes $1.4 billion of net debt, is anticipated to shut in the primary quarter of 2025, the corporate said. 

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