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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.

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