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WillScot to combine with Mobile Mini in all-share deal – Source Reuters Tech News

NEW YORK (Reuters) – WillScot Corp, the largest U.S. supplier of mobile office trailers, will combine in an all-share deal with Mobile Mini Inc, the biggest U.S. provider of portable storage solutions, the companies said on Monday.

Coming in the middle of a global outbreak of the coronavirus that has sent stock markets reeling, the deal shows how companies can still brave market volatility.

Reuters first reported about the deal on Monday.

The enterprise value of the combined company is about $6.6 billion, the companies said, with WillScot shareholders owning 54% of the new entity. Mobile Mini shareholders will receive 2.4050 shares of WillScot stock for each share they own.

All-share deals can be easier for companies to negotiate in times of market volatility because they depend on the relative valuation of the companies rather than their absolute value, as is the case with cash deals.

Shares of Mobile Mini rose more than 1% in premarket trading.

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Source Reuters Tech News

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