Herc Rentals Acquires H&E Equipment Services for $5.3 Billion, Rejecting United Rentals Offer
In a significant development, H&E Equipment Services has agreed to a buyout offer from Herc Rentals worth nearly $5.3 billion. This deal comes after H&E rejected a previous takeover bid from United Rentals. Herc’s cash-and-stock proposal values H&E at almost $500 million more than United’s all-cash offer.
Exciting Events in the Business World: Business of Football Summit Returns
The Business of Football Summit is back this month, featuring industry leaders like Richard Masters, Lina Souloukou, Todd Boehly, Hillary Mandel, Stephen Pagliuca, Paraag Marathe, Steve Parish, and more. As a Due Diligence subscriber, you can register for a complimentary digital pass to watch the event online on February 26-27 or join in-person at The Peninsula Hotel in London.
In-Depth Insights in Today’s Newsletter
Charlie Javice’s Legal Battle: The Trial Begins
The United States vs. Charlie Javice trial is set to commence, with JPMorgan Chase playing a significant role. Javice, the fintech entrepreneur facing securities fraud charges over her startup Frank, is accused of falsifying data to inflate user numbers. JPMorgan’s acquisition of Frank for $175 million unravelled the discrepancies. The trial will shed light on M&A practices at the highest levels of business.
EQT Welcomes New CEO Per Franzén
EQT, a leading alternative asset manager, has appointed Per Franzén as its new CEO. Franzén, who has been instrumental in driving EQT’s growth, faces the challenge of navigating the company through geopolitical uncertainties. With extensive experience in private equity, including overseeing major investments, Franzén aims to boost EQT’s share price and continue its growth trajectory.
KKR Emerges Victorious in Battle with Bain for Fuji Soft
In a fierce private equity battle in Japan, KKR emerged victorious over Bain Capital for Fuji Soft. The bidding war featured strategic maneuvers and escalating offers, culminating in KKR’s success. This episode highlights the competitive landscape of private equity in Japan and the importance of external pressure in deal-making.
Notable Job Moves in the Industry
Lazard appoints Klaus Hessberger as global co-head of its financial sponsors group, while London-based merchant bank Ocean Wall welcomes Philip Griffith to its sales and distribution team. These key appointments reflect the dynamic nature of the financial industry.
Insightful Read: Succession Drama at Rupert Murdoch’s Empire
A court battle over the future of Rupert Murdoch’s empire reveals the intricate family dynamics and betrayals within the Murdoch family. The regulatory reshuffle in the UK and the retreat of Wall Street banks from China are also significant industry developments.
News Round-Up Highlights
Recent news includes BAT boss in line for a lucrative pay deal, UBS offering sabbatical perks to former Credit Suisse staff, European defence shares surging, and Saudi Arabia striking a $1 billion deal with Leonard Blavatnik’s sports streaming business. These updates underscore the evolving landscape of global finance and investment.
In Conclusion
The latest developments in the business and financial world demonstrate the fast-paced nature of the industry, with key players making strategic moves and engaging in high-stakes battles. Stay tuned for more updates on dealmaking, private equity, and corporate finance.
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