On Tuesday, United Rentals Inc. (NYSE: URI), which is based in Stamford, Connecticut, announced it has wrapped up its previously announced deal to buy General Finance Corporation (NASDAQ: GFN).
When the deal was announced last month, United Rentals said it would pay $19 per share in cash for General Finance. The total enterprise value stands at about $996 million, which included the assumption of $400 million of net debt.
“We’re delighted to welcome our new customers and team members to United Rentals,” said United Rentals CEO Matthew Flannery. “This is an acquisition with strong strategic and financial merits, timed to serve the increasing demand in our end markets. It expands our growth capacity with the addition of leading mobile storage and modular office solutions, including over 900 employees with complementary expertise. As customers turn to us for the equipment they need, we’re giving them the industry’s most complete range of solutions to help them succeed.”
In April, United Rentals acquired Franklin Equipment LLC, which is a regional provider of equipment rentals, sales and related services in the Midwest and Southeast United States.