United Rentals, Inc. - URI STOCK NEWS

United Rentals, Inc. (URI) has completed the acquisition of Ahern Rentals, Inc. for $2.0 billion in cash. This strategic move adds approximately 2,100 employees, 60,000 rental assets, and 106 locations to URI's operations across the United States. The acquisition aims to enhance URI's specialty rental solutions and expand its customer base in the construction and industrial sectors. The deal was financed through senior secured notes and existing capacity from URI's ABL facility. URI plans to issue its 2023 guidance in January, reflecting the acquisition's full benefits.

United Rentals, Inc. (NYSE: URI) has updated its online rental catalog to include emissions level information for all equipment. This feature allows customers to filter equipment based on their jobsite requirements and sustainability goals. The catalog categorizes emissions into four groups: Zero Emissions, Low Emissions, Lower Diesel Emissions, and Standard Emissions, making it easier for companies to understand the environmental impact of their choices. This initiative reflects United Rentals' commitment to helping customers create lower-emission worksites.

United Rentals, Inc. (NYSE: URI) announced that its subsidiary, United Rentals (North America), Inc. (URNA), has priced a private offering of $1.5 billion principal amount of 6.00% Senior Secured Notes due 2029. The net proceeds of approximately $1.486 billion will be utilized to finance the acquisition of assets from Ahern Rentals, Inc. and Xtreme Re-Rental, LLC related to equipment rentals and sales. The offering is subject to certain exemptions under the Securities Act of 1933 and involves certain risks, including potential integration challenges and regulatory approvals.

United Rentals, Inc. (NYSE: URI) announced a private offering of $1.5 billion in Senior Secured Notes due 2029, managed by its subsidiary, URNA. The net proceeds, approximately $1.486 billion after fees, will fund the acquisition of Ahern Rentals, Inc. and Xtreme Re-Rental, LLC assets related to equipment rental and sales in the U.S. The offering is exempt under the Securities Act, targeted at qualified institutional buyers. This acquisition is subject to typical regulatory risks, with no assurance of completion.

United Rentals, Inc. (NYSE: URI) has agreed to acquire Ahern Rentals, Inc. for approximately $2.0 billion in cash to boost scale and capacity. The acquisition, approved by United Rentals' board, is set to close by year-end 2022 pending customary conditions. Ahern Rentals, the eighth largest equipment rental firm in North America, generated $310 million in adjusted EBITDA from $887 million in revenues as of September 2022. This strategic move aims to enhance customer services and achieve operational synergies.

United Rentals, Inc. (NYSE: URI) has appointed Ted Grace as executive vice president and chief financial officer, effective November 3, 2022. Mr. Grace has served as interim CFO since July 29, 2022 and has held key roles in finance and investor relations since 2016. CEO Matthew Flannery expressed confidence in Grace's expertise and leadership ability, emphasizing his understanding of the company's financial strategies. United Rentals is the largest equipment rental company globally, with a vast network of rental locations and a diverse equipment inventory worth approximately $17.43 billion.

United Rentals, Inc. (NYSE: URI) has partnered with Shell to provide all-electric trucks for a pilot program at Shell's Geismar, Louisiana chemical manufacturing site. This initiative aims to support maintenance operations while evaluating electric vehicle usage and infrastructure for low-carbon fleet strategies. The program features Ford F-150 Lightning trucks and assesses various operational factors, contributing to Shell's goal of reducing greenhouse gas emissions. United Rentals aims to leverage findings to implement emissions-saving solutions at other industrial sites.