Portable storage unit and modular building rental providers WillScot Corp. (NWSC) and Mobile Mini Inc. (MINI) said Monday, March 2, they have agreed to combine in an all-stock transaction valued at $1.9 billion.

The pair billed the deal as a merger of equals, though WillScot shareholders will own 54% of the combined company and WillScot’s chief executive Brad Soultz will lead the combined company as CEO. Baltimore-based WillScot also will receive six of the combined company’s 11 board seats.

Tempe, Ariz.-based Mobile Mini will hold the remaining five board seats, while its CEO Kelly Williams will serve as board president and COO of the combined company. Mobile Mini’s stockholders will hold 46% of the combined entity’s stock. Various other key C-suite roles will be doled out to members of each current executive team.

WillScot, which held more than 40% of the North American market for modular buildings following the ModSpace deal, will rapidly expand its fledgling portable storage unit business with the addition of Mobile Mini and grab some more assets in the modular building space.

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