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Loxam equipped for Ramirent takeover
Posted on Monday, 10 June 2019 10:22
Loxam is proposing to take Ramirent private for EUR 970.00 million to establish a leading presence in several attractive markets in the Nordics and in Eastern Europe.

The company resulting from the EUR 9.00 apiece cash bid will be a pan-European equipment rental leader with combined revenue of EUR 2.20 billion.

Along with operating the largest network in the region comprising more than 1,000 branches, it will also have the most diversified fleet, with over 600,000 units.

Ramirent is one of the leading companies in equipment rental in the Nordics and Eastern Europe, with operations in nine countries, including Sweden, Latvia, Slovakia, and Poland

The group serves a broad range of sectors, such as construction, industry and households, by way of 2,900 employees across a network of 294 customer centres.

It booked revenue of EUR 712.00 million and comparable operating profit of EUR 107.00 million in the 12 months to 31st December 2018.

By contrast, Loxam claims to be the largest player in the European equipment rental market for the construction, industry, public works, services and events.

The company has 8,000 employees across a network of 766 branches in over 13 countries in Europe, in addition to the Middle East, Brazil, Colombia and Morocco.

It posted revenue of EUR 1.48 billion and earnings before interest, tax, depreciation and amortisation of EUR 501.00 million in the financial year ended 31st December 2018.

The major shareholders of Ramirent, which include Nordstjernan and Oy Julius Tallberg, jointly own a 31.9 per cent stake and have irrevocably undertaken to accept the tender offer.

At EUR 9.00 apiece, the bid is 65.4 per cent higher than the last unaffected close on 7th June and is a premium of 56.0 per cent to the three-month volume-weighted average trading price.

It is also one of the top 20 largest public takeovers of a Finnish company on record, according to Zephyr, the M&A database published by Bureau van Dijk.

© Zephus Ltd