WillScot Mobile Mini Holdings (WSC) has released an update to notify the public and investors about an entry into a material definitive agreement.
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On January 28, 2024, WillScot Mobile Mini Holdings Corp. entered into a Merger Agreement with McGrath RentCorp and its wholly owned subsidiaries, outlining a two-step merger process to ultimately make McGrath a wholly owned subsidiary of the Company. The merger’s completion is contingent on various conditions, including McGrath shareholder approval and regulatory clearances. Concurrently, a commitment letter was signed to secure funding for the transaction, which includes sizable senior secured bridge credit facilities and an upsize to an existing credit facility. The agreement also details the conversion of McGrath common stock into either cash or company stock, the treatment of McGrath’s equity awards, and various pre-closing covenants. Termination rights and fees are specified should the merger not be consummated by a certain date or under specific circumstances.
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