Saudi Arabian auto rental firm, Hanco has announced the acquisition of UAE-based Byrne Investments from a private-equity group previously owned by HSBC Holdings for Dhs600m ($163m), Bloomberg has reported. Under the deal, Hanco, majority-owned by Bin Sulaiman Holdings, is to buy Byrne’s equipment rental operations and modular building services business from Dubai-based Havenvest Private Equity Middle East Partnership. Set up in 1976, Jeddah-headquartered Hanco operates a fleet of more than 20,000 vehicles and has 130 outlets in the kingdom. Byrne, one of the largest general rental companies in the region, has 450 employees and 13 offices and rental depots across the Gulf, Hanco said.
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