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Boels confirms Cramo Acquisition

Boels has today confirmed that it now holds or has acceptances on just over 93 percent of the shares in Finnish international rental group Cramo and is now proceeding with the full take over and eventual delisting of Cramo shares.

While those who have already accepted will be paid this week, Boels is also holding the offer open until February 20th, in order to allow owners of the remaining seven percent holding to come forward, and thus avoid a compulsory purchase order.

Chie executive Pierre Boels 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 deal values Cramo at around €615 million, plus debt. The combination of the two companies will create a pan European rental business with revenues of around €1.25 billion and 750 locations.

Also see:
Boels gains 90% plus of Cramo
Its Boels for Cramo
Boels extends Cramo offer
Boels sweetens bid for Cramo