Electro Rent to Buy Palo Alto Company
Electro Rent Corp., a Van Nuys-based computer leasing company, said it has reached an agreement to purchase Genstar Rental Electronics Inc. of Palo Alto.
The final price of the acquisition will be calculated pending completion of Federal Trade Commission filings in September, the company said.
Genstar is a privately held company with 1993 sales of $23.9 million. It rents, leases and sells electronic equipment throughout the United States and Canada. Electro Rent said it will fund the purchase in part through additional short-term borrowing.