Boels completes Cramo acquisition
By Thomas Allen03 February 2020
Boels has attained enough shares to complete its offer to buy Cramo.
The number of shares tendered, together with the total of 726,000 shares in Cramo acquired by Boels through market purchases, represents approximately 92.89% of all Cramo shares. This exceeds the minimum requirement of 90%.
Pierre Boels, CEO of Boels Rental, said; “I am excited and proud to announce that Cramo will now become a part of Boels. This acquisition makes Boels a leading player in the European equipment rental market. A perfect position for further growth.
”Geographic complementarity in presence and client base, enables us to double our business and increase our market impact. Together with Cramo we can combine rental equipment, data, technology and expertise to improve our service to customers.
”I am looking forward to working together with Cramo, since our companies have a good fit both strategically and culturally.”
The news comes after Boels extended the offer period from 9 to 31 January, and raised its offer price per share by €0.50 to €13.75 earlier in January, valuing Cramo at approximately €614 million.
So long as all other conditions are met, the offer will be completed in the coming weeks.
