08:36 AM EDT, 09/18/2024 (MT Newswires) -- WillScot Holdings ( WSC ) said Wednesday its proposed merger with McGrath RentCorp ( MGRC ) was terminated after mutually agreeing that clearing the transaction's regulatory requirements was commercially unviable.

McGrath RentCorp ( MGRC ) said in a separate statement it will receive a termination fee of $180 million.

"Despite extensive and exhaustive engagement with the US Federal Trade Commission over several months, in recent weeks, it became evident that the path to regulatory clearance would be excessively onerous and would detract from the execution of other value creating initiatives inherent in WillScot's ( WSC ) business," WillScot ( WSC ) said.

WillScot ( WSC ) also said its board authorized an increase in the existing share repurchase program to $1 billion.

Price: 40.03, Change: -0.16, Percent Change: -0.40