Tempe-based WillScot Mobile Mini's proposed acquisition of McGrath RentCorp received the green light from shareholders, paving the way for a $3.8 billion cash and stock deal.
In a special meeting Thursday, a majority of McGrath shareholders voted in favor of the combined company, which will serve more than 85,000 customers and is expected to generate more than $700 million in annual cash flow after the deal closes, according to a regulatory filing. “We are excited about the successful shareholder vote based on the significant benefits of the transaction for customers, employees, and shareholders for both McGrath RentCorp and WillScot Mobile Mini,” Brad Soultz, CEO of WillScot Mobile Mini, told the Business Journal.
WillScot Mobile Mini will continue to work with the Federal Trade Commission to gain regulatory approval for the transaction, which is expected to close later this year, Soultz added.