A majority of NES Rentals Holdings Inc. shareholders recently approved the equipment rental company's acquisition by affiliates of Diamond Castle Holdings LLC.
The vote follows the company's May announcement of a definitive agreement with affiliates of Diamond Castle Holdings to be acquired in a transaction valued at approximately $850 million including the assumption of certain liabilities.
Completion of the sale, which is expected to occur within the next month, is contingent on customary closing conditions including regulatory approval and delivery of the committed financing.
Shareholder approval of the sale is the latest step in NES Rentals' review of strategic alternatives, which began in December 2005. NES Rentals is one of the country's leading aerial and general equipment rental and traffic safety service providers with total revenues in excess of $582 million.
