Williams Scotsman Taken Out - TheStreet

Williams Scotsman Taken Out

Europe's Algeco agrees to buy the storage company in a deal valued at $2.2 billion.
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Williams Scotsman


shares soared Thursday after the company agreed to be acquired by European storage rival Algeco for about $1.2 billion.

The transaction calls for Algeco to pay $28.25 a share for Williams Scotsman, which makes mobile storage containers and buildings. The price represents a 21% premium over Williams Scotsman's closing price of $23.36 Wednesday.

Shares recently were surging $4.80, or 21%, to $28.16.

Including the assumption of debt, the transaction is valued at $2.2 billion.

Privately held Algeco operates the largest fleet of rental accommodation and storage facilities in the world, with a total of 175,000 units. Williams Scotsman operates about 118,000 modular space and storage units, with products such as portable classrooms, mobile offices and construction trailers.

Under terms of the deal, Williams Scotsman can solicit alternative offers through Aug. 17. If the company doesn't receive a better offer, the Algeco deal is expected to close in the fourth quarter.