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Sat May 30 2020

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Ramirent shareholders agree Loxam takeover

22 Jul 19 Shareholders of Ramirent have agreed to a takeover offer from Loxam.

A Ramirent equipment warehouse
A Ramirent equipment warehouse

Ramirent shareholders were offered €9.00 per share in a deal announced last month, which was 65% more than they were worth at the time of the offer.

The offer expired on 18th July, by which time 96.0% of all the shares in Ramirent had accepted the offer, making the deal now a formality to complete.

Ramirent is Finland’s largest construction equipment rental company but it also operates in Sweden, Norway, Estonia, Latvia, Lithuania, Czech Republic, Slovakia, and Poland, making it one of the leading players in the sector in Europe. In Russia and Ukraine, it operates through a joint venture called Fortrent. It has revenue of €712m, 2,900 employees and a network of 294 customer centres.

French firm Loxam has revenue of €1,483m and approximately 8,000 employees across a network of 766 branches in over 13 countries in Europe in addition to the Middle East, Brazil, Colombia and Morocco. As of 31st December 2018, its rental fleet amounted to approximately 350,000 pieces of equipment. Loxam has made more than 20 acquisitions over the past 10 years, including the powered access specialist Lavendon in 2017.

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