United Rentals Inc. and Neff Corp., operating as Neff Rental, have entered into a definitive agreement under which United Rentals will acquire Neff for $25 per share in cash, representing a total purchase price of approximately $1.3 billion. The transaction is expected to be immediately accretive to cash earnings per share and free cash flow.
Neff is one of the 10 largest U.S. equipment rental companies, with a presence in 14 states and a concentration in southern geographies. Based in Miami, Neff offers earthmoving, material handling, aerial and other equipment rental solutions to its more than 15,500 construction and industrial customers. Approximately 1,200 Neff employees and 69 branches serve end markets in the infrastructure, nonresidential, energy, municipal and residential construction sectors.
For the full year 2017, Neff is expected to generate $207 million of adjusted EBITDA at a 49.5-percent margin on $419 million of total revenue. As of June 30, Neff had approximately $867 million of fleet based on original equipment cost.
For more information, visit www.Unitedrentals.com or call (203) 618-7122.