United Rentals Inc., a Stamford-headquartered construction equipment rental company, has announced its acquisition of Neff Rental, a Miami-based equipment rental company, in a $25 per share in cash transaction totaling approximately $1.3 billion.
According to a statement released by the companies, the transaction is expected to close in the fourth quarter. Prior to approving the deal, Neff Rental terminated its previously announced merger agreement with H&E Equipment Services Inc., with United Rentals paying H&E a termination fee of approximately $13.2 million.
“The acquisition of Neff is a significant opportunity for us to augment long-term returns for our investors and build value for our customers and employees,” said Michael Kneeland, president and CEO of United Rentals. “We expect this transaction to be accretive to both our financial performance and customer-facing operations, with an important cross-selling component.”