Summary
United Rentals, Inc. (URI) announced the completion of its acquisition of Neff Corporation on October 2, 2017. This strategic move involved United Rentals (North America), Inc. merging with Neff Corporation, with Neff becoming a wholly owned subsidiary. The transaction was conducted entirely in cash, with Neff's Class A common stock shareholders receiving $25.00 per share. Existing equity awards in Neff, including stock options and restricted stock units, were either cashed out or converted into substitute equity awards for United Rentals' common stock, depending on their vesting status. This acquisition is expected to enhance United Rentals' market position, particularly in areas where Neff had a significant presence. Investors should note that this filing primarily confirms the closing of the acquisition and provides details on the consideration paid. Further financial implications and integration details will likely be discussed in subsequent filings.
Key Highlights
- 1United Rentals, Inc. (URI) has successfully completed the acquisition of Neff Corporation.
- 2The transaction was finalized on October 2, 2017, via a merger between a URI subsidiary and Neff.
- 3Neff Corporation now operates as a wholly owned subsidiary of United Rentals.
- 4Neff's Class A common stock shareholders received $25.00 in cash per share.
- 5Outstanding Neff stock options were either cashed out or converted into URI stock options.
- 6Outstanding Neff restricted stock units were either cashed out or converted into URI restricted stock units.
- 7The company issued a press release on October 2, 2017, to announce the consummation of the merger.