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Energy United Rentals to acquire Beaumont-based National Pump for $780M

United Rentals to acquire Beaumont-based National Pump for $780M

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Robert Francis
Robert Francis
Robert is a Fort Worth native and longtime editor of the Fort Worth Business Press. He is a former president of the local Society of Professional Journalists and was a freelancer for a variety of newspapers, weeklies and magazines, including American Way, BrandWeek and InformatonWeek. A graduate of TCU, Robert has held a variety of writing and editing positions at publications such as the Grand Prairie Daily News and InfoWorld. He is also a musician and playwright.

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.

 

 

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