NSCO - Nesco Holdings to acquire Custom Truck One Source for $1.475B shares +50%

Nesco Holdings (NSCO) to acquire Custom Truck One Source ((CTOS)) for a purchase price of $1.475B.Nesco and CTOS are providers of specialized truck and heavy equipment solutions including rental, sales and aftermarket parts and service.The combination significantly reduces leverage, includes material synergies and substantially enhances both corporate and public market liquidity.In connection with the transaction, an affiliate of Platinum Equity, LLC has committed to invest over $850M into Nesco in exchange for newly issued common stock at a price of $5.00/share.In addition, existing CTOS shareholders, including certain funds managed by The Blackstone Group, and certain members of the CTOS management team, are expected to invest ~$100M into Nesco in exchange for newly issued common stock also at $5.00/share.Upon closing, Platinum is expected to own ~57% of Nesco's common stock, existing CTOS shareholders ~7%, ECP ~10% and Capitol ~3%.The additional equity investment of up to $200M is targeted to be raised

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Nesco Holdings to acquire Custom Truck One Source for $1.475B, shares +50%