Hanco, Venture Capital Bank Ink $163M Deal For Rental Firm

Law360, New York (March 25, 2014, 3:53 PM EDT) -- Saudi Arabia-based rental car business Hanco and Bahrain’s Venture Capital Bank snapped up private equity-backed equipment rental service Byrne Investments Ltd. for roughly 600 million dirhams ($163.3 million), according to a Tuesday statement.

Under the terms of the transaction, Hanco will take 73 percent of Hanco and its subsidiaries while Venture Capital will pick up a 25 percent stake of the company from Harvest Private Equity Middle East Ltd. Partnership and HSBC Bank Middle East Ltd., according to a statement.

Picking up Byrne and its subsidiaries...
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