Loxam agreed on 25 May 2026 to acquire a 50.3% controlling stake in Mills, Brazil's largest equipment rental company, at R$16 a share.
Why Loxam SAS is buying Mills Locação, Serviços e Logística S.A. (50.3% controlling stake)
Loxam, present in Brazil since 2015, said Mills would make the country one of its largest markets outside France. Mills has a fleet of about 16,000 machines across powered access, heavy equipment, intralogistics and formwork, and 65 branches.
Deal terms and financing
The R$16 price is a 22% premium to the 22 May close and is adjusted by 70% of the CDI rate from the 31st day after signing until closing. The control block is worth about R$1.9bn and the price values Mills at about R$3.8bn. After completion Loxam must make a tender offer for all remaining shares at the same price, adjusted by the Selic rate.
Regulatory approvals and timing
Completion requires approval from CADE, Brazil's competition authority, and no clearance had been announced by mid-October 2026. Mills's chief executive said the companies would remain competitors until the regulator approves the deal.
Market context
Mills, founded in 1952 by the Nacht family and listed since 2010, reported 2025 net revenue of R$1.8bn. Loxam's existing Brazilian business generated about R$590m.
