WillScot Mobile Mini to divest UK Storage segment to Algeco UK for GBP 335M

WillScot Mobile Mini announced a definitive agreement, whereby the company will divest its UK Storage segment to Algeco UK Holdings, a member of the Modulaire group for an enterprise value of approximately GBP 335M. Proceeds from the sale will be used to support growth investments in the company’s North American Modular and Storage operating segments and other capital allocation priorities. Completion of the transaction is subject to regulatory approval in the United Kingdom and is expected to close in the first quarter of 2023. The company does not anticipate any impact to operating results from the divestiture in its NA Modular or NA Storage segments, and the UK Storage segment will be reported as discontinued operations in its Q4 financial filings.