Algeco’s agreement to buy Balat lapses

The previously reported agreement for UK-based modular space rental specialist Algeco to acquire Spain-based Alquibalat (Balat) has lapsed.

The transaction was conditional upon approval being obtained from the Spanish competition authority, the CNMC, by 2 June, 2020.

Since this approval has not been obtained, the transaction has now automatically lapsed, in accordance with the terms of the acquisition agreement.

Algeco has been making a number of acquisitions recently, the latest of which was Wexus Group in Norway.