A Dutch company is buying Finnish machinery rental company Cramo for €600 million.
Boels announced their takeover bid for Cramo on Monday morning, offering €13.25 per Cramo share – that’s a premium of more than 30% compared to the share price listed for Cramo on the Helsinki Stock Exchange last week.
The Cramo Board of Directors have unanimously recommended that the offer from the Netherlands is approved.
The completion of the takeover bid is subject to the condition that Boels acquires more than 90% of Cramo shares.
Last week Cramo announced that it was weighing up a potential takeover bid.
Established in 1977, Boels is one of the largest equipment rental companies in Europe with 4200 employees in 11 countries.
Cramo had a revenue last year of €632 million serving 150,000 customers from their 300 depots.
Cramo’s customers are mostly in the renovation and new-build construction, industrial and public sector markets.