United Rentals, Inc. has announced that it has completed its previously announced acquisition of the assets of Ahern Rentals, Inc. for approximately $2.0 billion in cash. The transaction and related expenses were funded through a combination of newly issued senior secured notes and existing capacity under the company’s ABL facility.
The transaction adds approximately 2,100 employees, 60,000 rental assets, and 106 locations to United Rentals in the United States, and makes the company’s specialty rental solutions available to thousands of new construction and industrial customers.
Matthew Flannery, chief executive officer of United Rentals, said, “Today we completed the Ahern acquisition on schedule and welcomed over two thousand colleagues to Team United. The integration is off to a strong start, giving us significantly more capacity to serve our expanded customer base. This transaction strengthens our positioning for the robust demand we expect in 2023, while also aligning with our longer-term strategy to ‘grow the core’ to drive greater shareholder value.”
The company will issue its 2023 guidance in January, reflecting a full year of beneficial impact from the combination.
