United Rentals to acquire National Pump for $780MMarch 9, 2014 @ 5:00 pm (Updated: 5:12 pm - 3/9/14 )
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 © The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.
Danny O'Neil says the Seahawks have the NFL's single biggest difference maker
Week In Photos
Incredible images from around the world this week
Please login below with your Facebook, Twitter, Google+ or Disqus account. Existing MyNorthwest account holders will need to create a new Disqus account or use one of the social logins provided below. Thank you.