Lavendon opens new opportunities to Loxam
French construction equipment hire firm Loxam has now acquired 91.5% of the shares in UK powered access giant Lavendon and has claimed the right to compulsorily purchase the remainder.
Loxam’s offer for Lavendon was declared unconditional in all respects on 14th February 2017 and Lavendon has applied for the delisting and the cancellation of admission to trading of Lavendon shares on the London Stock Exchange.
Having now received acceptances of more than 90% of the Lavendon shares, Loxam intends to exercise its rights to acquire compulsorily, on the same 270 pence per share terms as the offer, the remaining Lavendon shares.
The combination of Loxam and Lavendon (which includes Nationwide Platforms in the UK) creates the third largest global player in the powered access rental market, with a fleet of approximately 45,000 units. With a presence in 21 countries worldwide and combined revenues of more than £1.1bn, this transaction bolsters Loxam’s leadership in the European equipment rental market, and opens new opportunities to further develop its activities throughout Europe, in the Middle East, and in the rest of the world, it said.
Loxam president Gérard Déprez said: “We are very happy to officially announce that our offer to acquire Lavendon has been successful. Lavendon is a leading business with longstanding and complementary positions and I am delighted that we will be joining forces going forward. This move is consistent with our strategy to build a geographically balanced business and increase our market share where we are already active. I am very much looking forward to working closely with the talented and experienced management team and employees of Lavendon to build together a reference player in our industry.”
Lavendon Group CEO Don Kenny added: “This acquisition reflects the hard work and commitment of the Lavendon Group management and staff. Lavendon offers Loxam a strong and efficient engine for growth in the powered access market and I believe the combined strength of our two organisations will provide customers with a global network of professional expertise and experience.”
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This article was published on 21 Feb 2017 (last updated on 21 Feb 2017).