- Herc Holdings Inc (NYSE:HRI) has entered a purchase agreement to acquire Texas-based CBS Rentals assets for undisclosed terms.
- CBS Rentals is a full-service general equipment rental company comprising approximately 190 employees and 12 locations serving construction and industrial customers throughout Texas and Carlsbad, NM, and Kingsport, TN.
- The addition of CBS expands Herc Rentals’ presence in Texas to 38 physical locations.
- Herc expects the acquisition of CBS Rentals to be accretive to earnings in the first year.
- It expects the transaction to close before the end of 2021.
- Herc held cash and cash equivalents of $34.6 million as of June 30, 2021.
- Price Action: HRI shares are trading lower by 4.95% at $123.40 on the last check Tuesday.
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