logo
Plus   Neg
Share
Email

Williams Scotsman To Acquire Modular Space - Quick Facts

WillScot Corp. (WSC) announced a definitive agreement to acquire Modular Space Holdings, Inc., the parent holding company of Modular Space Corp., for an enterprise value of approximately $1.1 billion. Williams Scotsman will indirectly acquire MS Holdings for a purchase price comprising $1.06 billion of cash consideration, 6,458,500 shares of WSC Class A common stock and warrants to purchase 10 million shares of WSC Class A common stock at an exercise price of $15.50 per share.

Once combined, Williams Scotsman will have over 160,000 modular space and portable storage units serving a diverse customer base from approximately 120 locations across the United States, Canada and Mexico. Williams Scotsman expects to capture $60 million in annual cost synergies after integration, with approximately 80% of the forecast synergies expected to be realized on a full run-rate basis by the end of 2019. Williams Scotsman also expects to benefit from the net operating tax loss carryforwards to be acquired in the transaction, and for the transaction to be accretive to earnings in 2019.

ModSpace, a privately-owned provider of office trailers, portable storage units and modular buildings, had approximately $1.1 billion of total assets as of March 31, 2018. ModSpace generated $453 million of total revenue, $18 million of net income and $106 million of adjusted EBITDA for the twelve months ended March 31, 2018.

For comments and feedback contact: editorial@rttnews.com

Business News

Editors Pick
Amazon.com Inc.'s (AMZN) Chief Executive Jeff Bezos has told the company's employees said that the tech giant is not too big to fail, according to media reports. Shares of Nordstrom Inc. (JWN) slipped 10 percent in extended hours on Thursday after the department store chain's full-year revenue outlook fell short of Street estimates. Seattle-based Nordstrom's third-quarter profit dropped to $67 million or $0.39 per share from $114 million or $0.67 per share... Shares of Nvidia Corp. (NVDA) plunged 16% in extended session on Thursday after chip designer's third-quarter revenues and fourth quarter outlook fell short of Wall Street estimates. Santa Clara, California-based Nvidia's third-quarter profit surged to $1.23 billion or $1.97 per share from $838 million...
Follow RTT