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FINANCIAL NEWS
GCC’s Hanco buys Byrne for USD163 m
26 Mar 2014
(MENAFN) Hanco, a major asset rental and leasing company in the GCC, has bought Byrne Investments Ltd. and its subsidiary companies, Byrne Equipment Rental and Spacemaker, for USD 163.31million, according to Arab News.
Byrne is one of the largest and most diversified equipment rental and modular space providers in the GCC region.
Hamad S. Al-Sulaiman, CEO of Hanco, said: “The acquisition gives a strong impetus to Hanco”s aspirations to be the leader in the MENA region”s asset rental and lease market. Byrne”s current GCC market presence and planned expansion dovetails well with our own regional expansion plans, making it an exciting acquisition for us. The company”s robust infrastructure, strong management team and talent significantly add to the value we gain from the transaction.”
Hanco bought Byrne from Havenvest Private Equity Middle East Ltd. Partnership and HSBC Bank Middle East Ltd.
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