May 8 - Maxim Crane Works and Essex Rental Corp have entered into a stock purchase agreement, in which Maxim will acquire Coast Crane Company, an indirect wholly-owned subsidiary of Essex.

Maxim will acquire all of the issued and outstanding shares of Coast's parent company, CC Acquisition Holding Corp, for USD72.5 million, subject to closing date working capital and other adjustments. The sale has been approved by Essex's board of directors and is expected to close in the second quarter of 2017.

Following the closing, Maxim will begin integrating the Washington, USA-based crane rental company with its existing operating business in the USA.

The transaction is subject to customary closing conditions and the approval of Essex stockholders.