On January 14, 2025, H&E Equipment Services agreed to be acquired by United Rentals for $4.8 billion in a deal that would significantly transform the strategic landscape. The merger agreement included a 35-day “go-shop” period, during which competitor Herc Holdings submitted a superior offer to acquire H&E for a total of $5.3 billion. While history has shown that it is unlikely for United Rentals to lose out on a deal, the world’s largest equipment rental company did not submit a revised proposal, paving the way for Herc to become the third-largest rental house in North America.

Mergermarket, a leading M&A intelligence platform powered by proprietary investigative journalism and predictive analytics, interviewed TM Capital’s David Felts twice following the transaction announcement, as summarized below.

TM Capital’s David Felts Featured in Mergermarket Regarding the Acquisition of H&E Equipment Services