The Manitowoc Company, Inc. (NYSE: MTW) (the “Company” or “Manitowoc”), a leading global manufacturer of cranes and lifting solutions, announced today that it has entered into a definitive agreement to acquire the crane business of H&E Equipment Services, Inc. (“H&E”) (NASDAQ: HEES), one of the largest rental equipment companies in the U.S.
Under the terms of the agreement, Manitowoc is expected to pay approximately $130 million funded by a combination of cash on hand and existing debt availability. The transaction is expected to close in the fourth quarter of 2021 and is subject to customary closing conditions and regulatory approvals.
The acquisition of H&E’s crane business will expand Manitowoc’s ability to provide rentals, new sales, used sales, aftermarket parts, and service to a variety of end market customers. H&E’s crane business operates with eleven full-service branch locations.