United Rentals Completes Acquisition of WesternOne Rentals & Sales
STAMFORD, Conn.--(BUSINESS WIRE)--Nov 30, 2018--United Rentals, Inc. (NYSE: URI) today announced that United Rentals of Canada, Inc., a wholly-owned subsidiary of the company, has completed the previously announced acquisition of WesternOne Rentals & Sales LP (“WesternOne”) for a cash purchase price of approximately $90.4 million (CA$120.0 million). 1 The transaction is not expected to have a material impact on the revenues or earnings of United Rentals.
WesternOne is a leading regional equipment rental provider in Western Canada. The acquisition expands United Rentals’ service to construction and industrial customers in the provinces of Alberta, British Columbia and Manitoba with a larger offering of general construction equipment and portable heat solutions. In addition, the company establishes a greater presence in the sports and entertainment market and gains a comprehensive propane and diesel fuel service.
Michael Kneeland, chief executive officer of United Rentals, said, “The WesternOne acquisition deepens our presence in key markets in Western Canada, with a dual benefit to our core business and specialty operations. In addition, our regional penetration of the sports and entertainment vertical gives us new expertise to leverage for customers across North America. I’m pleased to welcome the WesternOne employees and customers to United Rentals.”
About United Rentals
United Rentals, Inc. is the largest equipment rental company in the world. The company has an integrated network of 1,198 rental locations in North America and 11 in Europe. In North America, the company operates in 49 states and every Canadian province. The company’s approximately 18,800 employees serve construction and industrial customers, utilities, municipalities, homeowners and others. The company offers approximately 3,800 classes of equipment for rent with a total original cost of $14.5 billion. United Rentals is a member of the Standard & Poor’s 500 Index, the Barron’s 400 Index and the Russell 3000 Index® and is headquartered in Stamford, Conn. Additional information about United Rentals is available at unitedrentals.com.
1 The purchase price was determined in Canadian dollars and is converted to U.S. dollars in this document using a rate of 0.752982%.
View source version on businesswire.com:https://www.businesswire.com/news/home/20181130005214/en/
CONTACT: Ted Grace
Cell: (203) 399-8951
KEYWORD: UNITED STATES NORTH AMERICA CANADA CONNECTICUT
INDUSTRY KEYWORD: BUILDING SYSTEMS ARCHITECTURE CONSTRUCTION & PROPERTY COMMERCIAL BUILDING & REAL ESTATE RESIDENTIAL BUILDING & REAL ESTATE OTHER CONSTRUCTION & PROPERTY
SOURCE: United Rentals, Inc.
Copyright Business Wire 2018.
PUB: 11/30/2018 08:27 AM/DISC: 11/30/2018 08:27 AM