Herc Holdings To Acquire Texas-Based CBS Rentals For Undisclosed Sum

Herc Holdings Inc HRI has entered a purchase agreement to acquire Texas-based CBS Rentals assets for undisclosed terms.
CBS Rentals is a full-service general equipment rental company comprising approximately 190 employees and 12 locations serving construction and industrial customers throughout Texas and Carlsbad, NM, and Kingsport, TN.
The addition of CBS expands Herc Rentals' presence in Texas to 38 physical locations.
Herc expects the acquisition of CBS Rentals to be accretive to earnings in the first year.
It expects the transaction to close before the end of 2021.
Herc held cash and cash equivalents of $34.6 million as of June 30, 2021.
Price Action: HRI shares are trading lower by 4.95% at $123.40 on the last check Tuesday.

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