United Rentals announ...
One of the largest equipment rental providers has entered into an agreement to acquire a local competitor in a deal worth $1.3bn.
United Rentals announced that it has reached an agreement for the $1.3bn acquisition of Neff Corporation, a provider of construction equipment to a number of industry sectors.
Neff is one of the largest U.S equipment rental companies, operating in 14 states and offers its solutions to more than 15,000 construction and industrial customers.
Michael Kneeland, President and Chief Executive Officer of United Rentals, said “The acquisition of Neff is a significant opportunity for us to augment long-term returns for our investors, and build values for our customers and employees.
“Neff has a customer focused team with seasoned field operators, a rigorous commitment to safety and specialised expertise.”
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Through the acquisition, United Rental will be able to leverage Neff’s significant footprint in the infrastructure sector and in southern geographies across the United States.
Graham Hood, Chief Executive Officer, Neff, said: “United Rentals is an industry leader in equipment rentals, and as a result of this transaction, our employees and customers will benefit from the combined company’s expanded geographic footprint and diversified offering.”