United Rentals (North America), Inc. (URNA) entered into a definitive agreement to acquire General Finance Corporation (NasdaqGM:GFN) for approximately $580 million on April 15, 2021. As per the terms, United Rentals will acquire General Finance for $19 per share in cash and assume $400 million of General Finance's net debt. Following completion of the tender offer, a wholly-owned subsidiary of United Rentals will merge with and into General Finance and shares of General Finance common stock that have not been tendered and purchased in the tender offer will be converted into the right to receive $19 per share in cash. United Rentals expects to use a combination of cash and existing capacity under its ABL facility to fund the transaction and related expenses. In the event of termination, GFN will be required to pay URNA a termination fee of approximately $22 million. Approximately 900 General Finance employees will be retained by United Rentals. The transaction is subject to customary closing conditions, including the expiration or early termination of the waiting period under the Hart-Scott-Rodino Antitrust Improvements Act of 1976 and other regulatory approvals. The boards of directors of United Rentals and General Finance unanimously approved the transaction. The transaction is not conditioned on financing. As of May 6, 2021 the required waiting period under the HSR Act has expired. As of May 7, 2021 the required consent was granted by the OIO under the NZ Act. As of May 21, 2021 the transaction was approved by Australian Government under FATA. United Rentals intends to commence a tender offer by April 26, 2021. The transaction is expected to close in the second quarter of 2021. As of April 16, 2021, the transaction is targeted to be closed by the end of June 2021. As of April 26, 2021, The Offer will expire on May 21, 2021. The transaction is expected to be accretive to EPS and free cash flow upon close. Francis J. Aquila of Sullivan & Cromwell LLP acted as United Rentals' legal advisor in the transaction, and John Rafferty and Michael O'Bryan of Morrison and Foerster LLP acted as legal advisor to General Finance Corporation. D.A. Davidson acted as General Finance’s financial advisor in connection with the Offer and the Merger and will receive a fee for its services of $1,750,000, $550,000 of which became payable in connection with the rendering of D.A. Davidson’s opinion and the remainder of which is contingent upon consummation of the Offer and the Merger. Innisfree M&A Inc. acted as information agent to General Finance. Continental Stock Transfer & Trust Company acted as depositary to General Finance. United Rentals (North America), Inc. completed the acquisition of General Finance Corporation (NasdaqGM:GFN) on May 21, 2021. At the date of expiration, 91.9% shares were tendered which satisfied the Minimum Condition(as defined in the Offer to Purchase). United Rentals intend to complete the acquisition through the Merger without a meeting of stockholders of the General Finance in accordance with Section 251(h) of the DGCL on May 25, 2021.