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Mills Solaris deal approved

The merger of Brazilian rental company Solaris into Mills Rental division, has been approved.

The combined fleet will include around 9,000 machines, mostly aerial work platforms and telehandlers, serving more than 6,000 active costumers. The deal has taken the form of a share exchange in which Solaris shareholders receive one share in the combined business, for just under two Solaris shares.

A new Shareholders' Agreement ensures that the Nacht family - Andres Cristian Nacht, Jytte Kjellerup Nacht, Francisca Kjellerup Nacht, Tomas Richard Nacht, Antonia Kjellerup Nacht, Pedro Kaj Kjellerup Nacht and Snow Petrel - remain as controlling shareholders in Mills, with the right to appoint the majority of the board members.

At the same time Solaris main investor SCG III investment Fund de Investimento em Participações Multiestratégia e Sullair Argentina - which will hold around 30 percent of the equity in the combined business - will have veto rights in regards to certain matters established by the company. The agreement also includes restrictions on share transfers.

Discussions on the merger began in September and were confirmed in Secember, the transaction should not be completed within the next month or so. See Mills & Asolaris to merge