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United Rentals to acquire BakerCorp International in a US$715mln cash deal

The rental company's deal with BakerCorp will be its first foray into the European market

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The construction equipment company expects to close the deal in the third quarter

United Rentals Inc (NYSE:URI) has announced that it will acquire BakerCorp International Holdings Inc in a US$715mln cash deal, expanding its specialty rentals.

BakerCorp rents out tank, pump, filtration and trench shoring equipment to a wide range of industries, including oil and gas, municipal projects, environmental remediation and construction.

While the company primarily serves customers in the US and Canada, it also operates in France, Germany, the United Kingdom and the Netherlands.

“This transaction will also be our company’s first experience in Europe, where BakerCorp has established an attractive, fast-growing business with significant future opportunity,” said United Rentals CEO Michael Kneeland in a press statement.

The construction equipment rental company plans to update its yearly guidance once the transaction is complete. The deal is expected to close in the third quarter.

United Rentals’ CFO William Plummer also announced that he will retire in October. Plummer will be replaced by Jessica Graziano, the controller and principal accounting officer.

Shares of the Connecticut-based rental company fell around 1% to US$145.81 in Monday morning trading.

 

Contact Lenore Fedow at [email protected]

Follow her on Twitter@LenoreMariee

Quick facts: United Rentals

Price: 96.16 USD

NYSE:URI
Market: NYSE
Market Cap: $7.12 billion
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