Ashtead to Grow in U.S. By buying NationsRent

U.K.-based rental-equipment-services company Ashtead Group /zigman2/quotes/200232063/delayed UK:AHT -5.26% PLC said it plans to buy U.S.-based rival NationsRent Cos. for about $600 million in cash.

Ashtead also will assume $400 million in debt of privately held NationsRent, plus costs of $50 million in relation to the early redemption of the NationsRent loan notes offset by available tax losses.

A potential further payment of up to $89 million could be made, subject to the performance of Ashtead shares. Ashtead -- which primarily targets the U.S. and U.K. nonresidential-construction markets -- plans to merge its U.S. Sunbelt Rentals unit with NationsRent, creating a chain of 477 outlets.

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Ashtead Group PLC

UK : U.K.: London

4,737.00 p

-263.00 -5.26%

Volume: 952,529

March 24, 2023 5:35p

P/E Ratio

16.23

Dividend Yield

1.47%

Market Cap

£20.72 billion

Rev. per Employee

£475,050