United Lands private buyer
19 March 2008
United Rentals signed in late July a definitive agreement to be acquired by Cerberus Capital Management (CCM) for US$6,6 billion (€4,8 billion). CCM is a New York City-based private equity firm.
The sale includes assumption of $2,6 billion (€1,9 billion) in debt obligations. The sale share price was $34,50 (€24,98), representing a 25% premium on the price in April when United said it was investigating sale options.
Brad Jacobs, chairman of United Rentals, called the deal favourable and said; “This transaction is a credit to the thousands of United Rentals employees who have created unmatched value in our industry.”