Nationwide Platforms Limited entered into a conditional agreement to acquire UK Platforms Limited from HSS Hire Group plc (LSE:HSS) for an enterprise value of £60.5 million on July 19, 2018. HSS will receive net cash proceeds from disposal of approximately £47.5 million comprising cash consideration of £45 million, repayment of approximately £4.5 million of intercompany debt and transaction expenses of approximately £2 million. As at December 30, 2017, UK Platforms had total gross assets of £37.8 million and profit before tax of £6.2 million. Completion of the disposal is subject to approval by HSS shareholders, confirmation that it will not be referred to the Competition and Mergers Authority, and retention of key managers. On August 7, 2018, the transaction was approved by the shareholders of HSS. As of November 7, 2018, Competition and Markets Authority is assessing the transaction. On December 18, 2018, the transaction got the clearance from Competition and Markets Authority. The transaction is expected to occur in fourth quarter of 2018. As of December 19, 2018, the deal is expected to be completed in early 2019. HSS will use 80% of the net cash proceeds to repay amounts borrowed under HSS' new term loan facility which will also help to reduce the interest expense for HSS going forward. The balance of the net proceeds will contribute towards capital expenditure in order for HSS to pursue its strategy of focusing on its core Tool Hire business, strengthening its commercial proposition and returning HSS to above historic performance levels. The Directors of HSS believe that the consideration represents an attractive valuation which creates immediate value for shareholders, whilst at the same time enhancing the group's future prospects through reducing overall leverage, both in absolute terms and as a multiple of EBITDA. Stuart Skinner, Stuart Ord and Freddie Naylor-Leyland of Numis Securities Limited acted as financial advisors to HSS. Richard Hough, Bhishaan Shah, Arthur Jebb, William Hayward, Ethan McIlroy, Tara Rajah, Claire Coppel, Nigel Parker, Christina Surm, Ban-ya Yim, Tim Harrop, Michael Fletcher, Alexander Arrell, Andy Cork, Sam Dent, Louise Batty, Leo Wilson, Tom d'Ardenne and Iyesogie Igiehon of Allen & Overy LLP and White & Case LLP acted as legal advisors to Loxam, parent of Nationwide Platforms.