Benzinga | Aug 17, 2021 01:22PM EDT

Herc Holdings To Acquire Texas-Based CBS Rentals For Undisclosed Sum

* Herc Holdings Inc (NYSE:HRI) has entered a purchase agreement to acquire Texas-based CBS Rentals assets for undisclosed terms.

* CBS Rentals is a full-service general equipment rental company comprising approximately 190 employees and 12 locations serving construction and industrial customers throughout Texas and Carlsbad, NM, and Kingsport, TN.

* The addition of CBS expands Herc Rentals' presence in Texas to 38 physical locations.

* Herc expects the acquisition of CBS Rentals to be accretive to earnings in the first year.

* It expects the transaction to close before the end of 2021.

* Herc held cash and cash equivalents of $34.6 million as of June 30, 2021.

* Price Action: HRI shares are trading lower by 4.95% at $123.40 on the last check Tuesday.