Tuesday, May 31, 2016

Platinum Equity Acquires Electro Rent For $323.4M

Beverlly Hills-based private equity investor Platinum Equity, and Van Nuys-based Electro Rent said Tuesday that the two are in a definitive agreement, where Platinum Equity will pay approximately $323.4M for Electro Rent. Platinum Equity said ti will pay $13.12 per share in cash for Electro Rent, which it says is a premium of 24.4 percent over the company's closing price on May 27th. The deal will take Electro Rent private. Electro Rent provides electronic test equipment rentals.

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