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.
Wyo., ND Governors To EPA: Hey, We Need More Time On Clean Power Plan Regulations Because You Totally ‘Blindsided’ Us | Matt Vespa
House Democrats Will Try To Dissolve Select Committee On Benghazi Tonight UPDATE: Voted Down, Committee Remains | Matt Vespa
Second data storage firm emerges with possible cloud backups of Hillary Clinton's emails - twitchy.com
Crony Capitalism Driving Nevada Energy Controversy | Human Events
The truth about gun deaths: numbers and actual solutions
Ted Cruz finds a question that the Sierra Club DARED not answer. | RedState
Homeowner Stops Three Robbers By Pleading For Mercy. Just Kidding. He Shot Them. - Bearing Arms - Guns Saving Lives, Texas
Thomas Sowell - Charlatans and Sheep
Nicholas Vardy - Q3 Produced a Global Investing Slaughterhouse