Algeco Scotsman halts ModSpace deal

Temporary accommodation specialist Algeco Scotsman said it has terminated its planned merger with Modular Space Corp (ModSpace), after the deal was not completed in time.

In March, Algeco said its North American operations - Williams Scotsman – was combining with ModSpace to create a new business owned 50/50 by each company.

But it said the deal had been terminated because it had not been completed by the expiration date established by the merger agreement.

“This does not preclude an alternative transaction for a combination between ModSpace and Williams Scotsman being pursued, though no assurance can be given that any such transaction will occur,” the company added.