July 25, 2007
Paul Hastings Represents Parent Company of Algeco in $2.2 Billion Acquisition of Williams Scotsman, Inc.
New York, NY (July 25, 2007) Paul, Hastings, Janofsky & Walker LLP, a leading international law firm, announced today that it represented the parent company of Algeco, the European space rental company, in the acquisition of Williams Scotsman, Inc., a leading provider of modular space solutions. The $2.2 billion all-cash transaction includes the refinancing of outstanding debt.
Under the terms of the transaction, Williams Scotsman shareholders will receive $28.25 per share in cash, which represents a premium of approximately 21 percent to Williams Scotsman's closing price on Nasdaq on July 18, 2007. Williams Scotsman may solicit alternative proposals from third parties through August 17, 2007. The transaction is expected to close in the fourth quarter of 2007, subject to approval by Williams Scotsman's shareholders, customary closing conditions and regulatory approvals. The transaction is not subject to a financing contingency.
The transaction will establish the combined company as the leading global provider of modular space solutions and a top-five global player in the rental services market through the combination of Williams Scotsman's North American modular solutions business and Algeco's space rental businesses in Europe. Upon completion of the acquisition, the combined company will operate in 16 countries, and employ more than 4,600 employees.
The Paul Hastings corporate team included partners William Schwitter and Luke Iovine, and associates Glenn Schoenfeld and Anupama Ahluwalia.
About Algeco: Algeco is the clear leader of the European space rental industry. The business operates the largest fleet of rental accommodation and storage facilities in the world with a total of approximately 175,000 units including portable restrooms. Accommodation, storage, and welfare units are available to meet a comprehensive range of requirements and can be tailored to suit customer needs. The group serves customers in; Construction & Infrastructure, Industry, Services and Administration. Algeco operates in 13 countries; France, UK, Spain, Germany, Portugal, Italy, Belgium, Poland, Czech, Romania, Finland, Slovakia and Luxembourg.
About Paul Hastings Corporate Practice: Teams of Paul Hastings corporate lawyers provide clients with the sophisticated, cross-border legal and business expertise they need to finance and operate companies. The firms Securities and Capital Markets, M&A, Bankruptcy and Restructuring, Lending, Project Finance, Private Equity, and Investment Management practices are nationally and internationally ranked. Paul Hastings lawyers are experienced in every aspect of modern transactional practice in virtually every industry and service sector. Clients include major international financial institutions and public and private companies.
Paul, Hastings, Janofsky & Walker LLP, founded in 1951, is a leading international law firm with over 1,200 attorneys in 18 offices. The firm serves a diverse client base including many of the leading global financial institutions and Fortune 500 companies and offers deep capabilities in capital markets, finance and restructuring, intellectual property, international arbitration and dispute resolution, investment management, labor and employment, mergers and acquisitions, private equity, product liability, project finance, real estate, securities litigation and tax advisory services. For additional information, please visit our website at www.paulhastings.com.