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UNITED RENTALS
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United Rentals : rsquo; Acquisition of Neff Corp. Finalized

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10/04/2017 | 12:28am CEST

United Rentals has completed its acquisition of Neff Corp. for a total purchase price of approximately $1.3 billion. The acquisition was funded primarily through newly issued unsecured debt.

The purchase will augment the company’s earthmoving capabilities and efficiencies of scale in key market areas, particularly fast-growing southern geographies, and is expected to lead to attractive revenue synergies through the cross-selling of United Rentals’ broader fleet, including its specialty offerings. The assets acquired with Neff include about $867 million of fleet based on original equipment cost, and 69 branch facilities serving end markets in the infrastructure, non-residential, energy, municipal and residential construction sectors.

“We’re excited to complete the Neff combination and begin leveraging the many areas where we’re stronger together,” said Michael Kneeland, president and CEO of United Rentals. “Today we welcome approximately 1,200 new colleagues who share our focus on safety and customer service.”

United plans to update its 2017 financial outlook to reflect the combined operations when it releases financial results for the third quarter.

Neff’s common stock will no longer be listed for trading on the New York Stock Exchange.

Morgan Stanley & Co. LLC and Centerview Partners acted as financial advisors to Untied Rentals, and Sullivan & Cromwell LLP acted as the company legal advisor. Deutsche Bank acted as financial advisor to Neff Corp. and Akin Gump Strauss Hauer & Felt LLP acted as Neff’s legal advisor.

© 2017 Penton Media, source Trade Journals Open Web

Stocks mentioned in the article
ChangeLast1st jan.
NEFF CORP 0.00%-End-of-day quote.77.31%
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2017United Rentals Stock Is Positioned For Outperformance 
Financials ($)
Sales 2018 7 714 M
EBIT 2018 2 078 M
Net income 2018 1 179 M
Debt 2018 8 783 M
Yield 2018 -
P/E ratio 2018 10,72
P/E ratio 2019 8,90
EV / Sales 2018 2,73x
EV / Sales 2019 2,46x
Capitalization 12 262 M
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Income Statement Evolution
Consensus
 
Mean consensus OUTPERFORM
Number of Analysts 17
Average target price 188 $
Spread / Average Target 25%
EPS Revisions
Managers
NameTitle
Michael J. Kneeland President, Chief Executive Officer & Director
Matthew John Flannery President & Chief Operating Officer
Jenne K. Britell Non-Executive Chairman
William B. Plummer Chief Financial Officer & Executive Vice President
Dale A. Asplund Chief Information Officer & SVP-Business Services
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