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Subsequent Event
3 Months Ended
Mar. 31, 2021
Subsequent Events [Abstract]  
Subsequent Event Subsequent Event On April 15, 2021, we entered into an Agreement and Plan of Merger (the “GFN Merger Agreement”) that provides for our acquisition of General Finance Corporation (“General Finance”) in a two-step all cash transaction, consisting of a tender offer, followed by a subsequent back-end merger. Pursuant to the GFN Merger Agreement, we will acquire General Finance for $19 (actual dollars) per share in cash, representing a total enterprise value of approximately $996, including the assumption of $400 of net debt. The acquisition and related fees and expenses will be funded through available cash and drawings on our ABL facility. General Finance, which operates as Pac-Van and Container King in the U.S. and Canada, and as Royal Wolf in Australia and New Zealand, is a leading provider of mobile storage and modular office space. Its network serves diverse end-markets, including construction, commercial, industrial, retail, transportation, petrochemical, consumer, natural resources, governmental and education. As of March 31, 2021, General Finance’s rental fleet consisted of approximately 100,000 units at an original cost of approximately $639. For the 12 months ending December 31, 2020, General Finance had revenues of $346. The transaction is subject to customary closing conditions, including the expiration or early termination of the waiting period under the Hart-Scott-Rodino Antitrust Improvements Act of 1976 and other regulatory approvals. The transaction is expected to close in the second quarter of 2021.