Dutch rental company Boels Rental has obtained all the necessary approvals for its acquisition of Finnish rental firm Cramo, now that the German and Austrian anti-trust authorities have given their consent.
This represents an important step forwards in the acquisition process, though the deal is still subject to other conditions. Importantly, Boels must gain more than 90% of the outstanding shares and votes in Cramo.
Major shareholders that collectively represent 18.9% of the outstanding shares and votes in Cramo have undertaken to accept the offer. Other shareholders have been invited to accept the offer before it expires on 9 January, 2020.
Boels made its offer to buy Cramo for €592 million in November.
The combination of Boels and Cramo would create a rental business with combined annual revenues of approximately €1.25 billion, putting it just behind Loxam, which acquired Ramirent earlier this year.