WillScot and McGrath RentCorp Mutually Agree to Terminate Previously Announced Combination
WillScot Remains Focused on Executing $1 Billion of Idiosyncratic Growth Opportunities
Board Increases Share Repurchase Authorization to $1 Billion
PHOENIX, Sept. 18, 2024 (GLOBE NEWSWIRE) - WillScot Holdings Corporation (“WillScot” or the “Company”) (Nasdaq: WSC), a leader in innovative temporary flexible space solutions, today announced that it has entered into an agreement with McGrath RentCorp (“McGrath”) (Nasdaq: MGRC) to terminate the companies' previously announced merger, pursuant to the terms of the January 28, 2024 merger agreement, under which WillScot would have acquired McGrath for a mix of cash and stock consideration.
Although both companies continue to believe in the merits and procompetitive benefits of the combination, WillScot and McGrath mutually agreed to terminate the transaction based on a joint determination that there was no commercially reasonable path to clear the necessary regulatory requirements for the transaction. Despite extensive and exhaustive engagement with the U.S. Federal Trade Commission (“FTC”) over several months, in recent weeks, it became evident that the path to regulatory clearance would be excessively onerous and would detract from the execution of other value creating initiatives inherent in WillScot's business.
“Over the past several months, our team worked tirelessly to meet the continual requests of the FTC, in our pursuit of, what we believe to be, a procompetitive transaction that would provide great value to our customers, employees, shareholders and the communities in which we operate. While we are disappointed with this process, we are confident in our strategy and there are numerous opportunities to continue reinvesting in our business to deliver sustainable growth and returns over time,” said Brad Soultz, Chief Executive Officer of WillScot. “WillScot's position as the leading provider of temporary space solutions has never been stronger. With our relentless focus on execution on behalf of our customers, we are realizing opportunities to improve efficiency and profitability across many of our core commercial and operational capabilities. Through our investments in product innovation and adjacent offerings, we are introducing new alternatives for customers in the marketplace. These commercial and operational initiatives represent over $1 billion of prospective Adjusted EBITDA growth potential. When combined with the natural resilience and predictability of our lease portfolio, this gives us multi-year visibility and conviction in our long-term outlook.”
Added Mr. Soultz, “We have nearly 80 years of history as a trusted partner to our customers, and we are a Great Place to Work® for our employees; we thank you for your patience, support and continued loyalty. I also want to extend our gratitude to the McGrath team for their collaboration and efforts over the last several months.”
The Company also announced today that its Board of Directors increased the existing share repurchase program to $1 billion.
“Our long term outlook remains clear. With the obvious overhang on our valuation related to the McGrath transaction, our Board of Directors increased our share repurchase authorization to $1 billion. We will deploy the repurchase authorization thoughtfully, as we have in the past, while funding organic investments in our business and pursuing smart tuck-in acquisitions,” said Tim Boswell, President and Chief Financial Officer of WillScot. “At current valuation levels, we will prioritize investing in our own stock given the embedded growth in our earnings. As we progress into 2025, we will continue to execute the disciplined approach to capital allocation that we initiated in 2021, which has resulted in the return of over $2 billion of capital to our shareholders and nearly a 25% reduction in our economic share count. Combined with the execution of our growth strategy, capital allocation will remain a powerful lever to compound returns for shareholders over time.”
About WillScot
Listed on the Nasdaq stock exchange under the ticker symbol “WSC,” WillScot is the premier provider of highly innovative and turnkey space solutions in North America. The Company's comprehensive range of products includes modular office complexes, mobile offices, classrooms, temporary restrooms, portable storage containers, protective buildings and climate-controlled units, and clearspan structures, as well as a curated selection of furnishings, appliances, and other supplementary services, ensuring turnkey solutions for its customers. Headquartered in Phoenix, Arizona, and operating from a network of approximately 260 branch locations and additional drop lots across the United States, Canada, and Mexico, WillScot's business services are essential for diverse customer segments spanning all sectors of the economy.
Additional information can be found on the company's website at www.willscot.com.
Contact Information
Investor inquiries:
Nick Girardi
investors@willscot.com
Media inquiries:
Jake Saylor
Jake.saylor@willscot.com
- 陈聚宝:真品靠谱 假货可怕 抵制假货 就是保护科技创新
- 宁波力源机械有限公司:做工业4.0的实践者
- 玉树阿布嘎嘎服饰:传承藏族非遗,绽放华服新篇
- EAACI Congress Kicks Off in Valencia, Spain
- 万纬物流主起草修订的国家标准《低温仓储作业规范》正式发布
- 喻问对话|纯良角码营销总经理周凤如:要为更多的门窗企业提供更高质的产品解决方案
- 文化中国行 | (书画篇)走进艺术家:张景效
- 关于成立Ingenium International公司的公告 管理层收购实现企业专注于业务基础
- Fortinet Reports Fourth Quarter and Full Year 2023 Financial Results
- Snail Games Unveils First Expansion Map and DLC for ARK: Survival Ascended
- “意”起奔赴柠檬之夏,FV武汉佛罗伦萨小镇7周年庆典缤纷启幕
- Kiwibank Goes Live with ACI Worldwide's Enterprise Payments Platform
- 雷诺斯宣布大中华区发展战略,并将其总部迁址
- Capital.com的客户交易量在2023年超过了1万亿美元
- 第六届“中国创翼”创业创新大赛黔南州选拔赛圆满落幕
- 进口洗衣凝珠品牌排行榜前十名,mikibobo洗衣凝珠洗的干净,持久留香
- Alpha系统法律服务年中报告:彰显律师价值,促进客户合作
- 《惜花芷》热播,主演田淼演技获赞,新晋妈妈专业户备受瞩目!
- 获中国信通院认可 !中科柏诚入选《高质量数字化转型产品及服务全景图(2024)》
- 临商银行金雀山支行积极开展整治拒收人民币现金宣传活动
- 春游江淮|人间四月,来宣城沉浸式体验春茶之旅
- The LYCRA Company在Performance Days功能性面料展期间参加有关纺织品回收的研讨会
- 多伦科技旗下金电科技携核心产品实力亮相2024上海充换电展
- 墨茉点心局——地道长沙民艺馆“长沙新地标 非遗唤新生”
- 100万!2024年管理科学与工程学会—玻色量子基金开启项目申报
- 全新发布丨上海健桥医院耳鼻喉科,始终处于耳鼻喉行业前沿
- 乘风出海!CGT绿城体育成为英超豪门热刺俱乐部人造草坪官方供应商
- 儿童面霜就选“零感薄面霜”!小浣熊,“零感薄面霜”开创者
- 美菱两款燃气热水器荣获2024年度“沸腾质量奖”
- AI Now Enhances IIBA’s KnowledgeHub Experience
推荐
- 抖音直播“新红人”进攻本地生活领域 不难看出,抖音本地生活正借由直播向本地生活 资讯
- 奥运冠军刘翔更新社交账号晒出近照 时隔473天更新动态! 2月20日凌晨2点,奥运冠军刘翔更新社交账号晒 资讯
- 透过数据看城乡居民医保“含金量” 缴费标准是否合理? 记者从国家医保局了解到,近期,全国大部分地区 资讯
- 男子“机闹”后航班取消,同机旅客准备集体起诉 1月4日,一男子大闹飞机致航班取消的新闻登上 资讯
- 国足13次出战亚洲杯首次小组赛0进球 北京时间1月23日消息,2023亚洲杯小组 资讯
- 一个“江浙沪人家的孩子已经不卷学习了”的新闻引发议论纷纷 星标★ 来源:桌子的生活观(ID:zzdshg) 没 资讯
- 看新东方创始人俞敏洪如何回应董宇辉新号分流的? (来源:中国证券报) 东方甄选净利润大幅下滑 资讯
- 海南大学生返校机票贵 有什么好的解决办法吗? 近日,有网友在“人民网领导留言板&rdqu 资讯
- 新增供热能力3200万平方米 新疆最大热电联产项目开工 昨天(26日),新疆最大的热电联产项目—&md 资讯
- 产业数字化 为何需要一朵实体云? 改革开放前,国内供应链主要依靠指标拉动,其逻 资讯