STAMFORD, Conn. (AP) — United Rentals says it’s buying
National Pump, the second-largest pump rental company in North America,
for $780 million.
The deal will cost the Stamford, Conn.-based
United Rentals $765 million in cash and $15 million in stock, plus up to
$125 million more if certain financial targets are met. United Rentals
will fund the deal with existing cash and an unspecified amount of new
debt.
The purchase of the Beaumont, Texas, company is expected to close early next quarter.
National Pump rents equipment mainly to the oil, gas and petrochemical industries. It was founded in
2007.
United
Rentals says it’s the largest equipment rental company in the world.
The company says the purchase is part of its strategy to expand
specialty businesses.
Copyright 2014 The Associated Press. All rights
reserved. This material may not be published, broadcast, rewritten or
redistributed.
STAMFORD, Conn. (AP) — United Rentals says it’s buying
National Pump, the second-largest pump rental company in North America,
for $780 million.
The deal will cost the Stamford, Conn.-based
United Rentals $765 million in cash and $15 million in stock, plus up to
$125 million more if certain financial targets are met. United Rentals
will fund the deal with existing cash and an unspecified amount of new
debt.
The purchase of the Beaumont, Texas, company is expected to close early next quarter.
National Pump rents equipment mainly to the oil, gas and petrochemical industries. It was founded in
2007.
United
Rentals says it’s the largest equipment rental company in the world.
The company says the purchase is part of its strategy to expand
specialty businesses.
Copyright 2014 The Associated Press. All rights
reserved. This material may not be published, broadcast, rewritten or
redistributed.