France’s Loxam Buys Control of Brazil’s Mills for R$3.8B

Brazil · Mergers

France’s Loxam agreed to buy a controlling stake in Brazil’s Mills on May 25, paying a 22 percent premium in a deal that values the equipment-rental company at about R$3.8 billion ($760 million) and opens the country to Europe’s largest player.

What are the terms of the Brazil’s Mills deal?

In a securities filing on May 25, Mills said its controlling shareholders had signed a contract to sell their entire holding, equal to 50.3 percent of the share capital, to Loxam SAS. The agreed price of R$16 ($3.20) per share is a 22 percent premium over the stock’s May 22 close, and the purchase of the control block alone moves about R$1.9 billion ($380 million).

Once the change of control closes, Loxam must launch a public tender offer for the remaining free-floating shares at the same price, under Brazilian law and B3 listing rules. Minority holders would receive that price adjusted by an interbank rate until settlement, a step expected to take Mills off the exchange.

Who are the two companies?

Loxam, founded in 1967, is described as Europe’s largest equipment-rental firm, reporting 2.5 billion euros ($2.7 billion) in net revenue in 2025, around 11,600 employees and roughly 1,130 branches across more than 28 countries. The acquisition marks its direct, majority entry into the Brazilian market.

Mills, founded decades ago, is a leading Brazilian rental company focused on aerial work platforms, scaffolding and shoring, serving construction, industry and energy clients. After a financial restructuring in recent years, it returned to growth on the back of the country’s construction cycle, and its shares jumped sharply on the announcement.

Why does the deal matter for the sector?

The transaction signals rising international appetite for Brazil’s equipment-rental industry at a moment of infrastructure, construction and industrial investment. It still depends on customary conditions, including approval from the country’s antitrust authority, before Loxam can consolidate control and proceed with the tender offer for outstanding stock.

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Frequently Asked Questions

How much is Loxam paying for Mills?

Loxam agreed to R$16 ($3.20) per share for the 50.3 percent control stake, about R$1.9 billion ($380 million). The deal values Mills at roughly R$3.8 billion ($760 million).

What premium does the price represent?

The R$16 price is a 22 percent premium over the May 22 closing price. Mills shares rose sharply on the news, by double digits in early trading.

Will Mills leave the stock exchange?

Likely. After the control sale, Loxam must make a tender offer for the remaining shares at the same price, a process that is expected to lead to Mills delisting from B3.

Who is Loxam?

Loxam is a French company and Europe’s largest equipment-rental group. It reported 2.5 billion euros ($2.7 billion) in 2025 net revenue and operates roughly 1,130 branches in more than 28 countries.

What approvals are needed?

The deal requires customary closing conditions, including clearance from Brazil’s antitrust regulator. Only after approval can Loxam complete the purchase and launch the public offer.

Connected Coverage

The acquisition adds to a busy stretch for Brazilian corporates covered in our reporting on first-quarter bank earnings, and unfolds against the trade backdrop traced in our coverage of the Brazil-US tariff talks.

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