Europe’s biggest equipment rental company Loxam said that acceptances of more than 155 million shares of U.K.-based Lavendon have been received, representing more than 91 percent of the shares. France-based Loxam’s offer for Lavendon was declared unconditional in all respects, leading Lavendon to apply for the delisting and cancellation of admission to trading of its shares on the London Stock Exchange. Loxam said it intends to exercise its rights to acquire compulsorily the remaining shares.
The combination of Loxam and Lavendon creates the third largest global player in the aerial rental market, Loxam said, with a dedicated fleet of about 45,000 units. Lavendon includes U.K. aerial specialist Nationwide Platforms. With a presence in 21 countries and combined revenues of more than €1.3 billion (about U.S. $1.38 billion), the acquisition reinforces Loxam’s leadership in the European rental market and opens new opportunities for it to expand its presence in the Middle East and the rest of the world.
“We are very happy to officially announce that our offer to acquire Lavendon has been successful,” said Gérard Déprez, Loxam president. “Lavendon is a leading business with longstanding and complementary positions and I am delighted that we will be joining forces going forward. This move is consistent with our strategy to build a geographically balanced business and increase our market share where we are already active.”
“This acquisition reflects the hard work and commitment of the Lavendon Group management and staff,” said Don Kenny, Lavendon Group CEO. “Lavendon offers Loxam a strong and efficient engine for growth in the powered access market and I believe the combined strength of our two organizations will provide customers with a global network of professional expertise and experience.”
The deal is reported to be worth £459 million (about U.S. $576 million). Loxam outbid Belgian group TVH to acquire Lavendon.