H&E sells crane business for $130 million

Louisiana, US, based equipment distributor and rental company H&E Equipment Services is to sell its crane business to UK based lifting equipment specialist Manitowoc, in a move that focuses H&E’s attention on rental.

Under the terms of the agreement, Manitowoc said it expects to pay approximately $130 million funded by a combination of cash on hand and existing debt availability.

The transaction is expected to close in the fourth quarter, subject to closing conditions and regulatory approvals.