Mobile Mini is to merge with Mobile Services Group for $700 million, the companies announced. Both companies are specialized in portable storage solutions. As a part of the transaction, Mobile Mini will also assume approximately $535 million of Mobile Services outstanding debt. The deal is expected to wrap up in June.

“This represents a highly strategic transaction for Mobile Mini,” stated Mobile Mini’s Chairman, President and Chief Executive Officer, Steven Bunger, in a statement. The deal “substantially increases Mobile Mini’s ability to service an expanded customer base, provides the employees of both companies with enhanced career opportunities, and offers our stockholders an opportunity to benefit from a transaction that we believe will be solidly accretive to our earnings in the first full year of the combination,” Bunger said.

Mobile Mini’s Chairman, President & CEO Steven Bunger will continue to serve as Chairman, President and Chief Executive Officer of the newly formed company. Doug Waugaman, CEO of Mobile Storage Group, will be Mobile Mini's COO of Integration, reporting directly to Bunger.

Mobile Mini has already received a fully underwritten commitment from Deutsche Bank AG, Bank of America and JP Morgan for a $1 billion asset-based revolving credit facility to fund the deal, but it is still subject to approval by Mobile Mini stockholders and obtaining required governmental approvals, the companies said in their statement.