United Rentals, Inc. (NYSE: URI), Greenwich, CT, has agreed to acquire RSC Holdings, Inc. (NYSE: RRR), Scottsdale, AZ, for $4.2 billion, including $2.3 billion of net debt.
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The new United Rentals is well-positioned to benefit from increased rental penetration, the continued strength of the industrial sector, serving customers across a variety of industries and a recovery in construction activity, according to a joint release from the companies. United Rentals and RSC have already begun working on a plan to facilitate a smooth integration of the businesses and realization of over $200 million of potential cost savings.
Upon the close of the transaction, three of RSC’s independent directors will receive seats on United Rentals’ existing Board of Directors.
Michael Kneeland, president and CEO of United Rentals, and Jenne Britell, United Rentals’ chairman, will remain in their positions at the combined company.
