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Stock Market & Financial Investment News

News Breaks
March 9, 2014
19:56 EDTURIUnited Rentals to acquire National Pump, GulfCo for $780M
United Rentals announced that it has entered into a definitive asset purchase agreement to acquire National Pump. Under the terms of the agreement, United Rentals will also acquire GulfCo, a two branch general rental business also based in Texas. The combined purchase price for the assets is approximately $780M. The Board of Directors of United Rentals and the partners of National Pump unanimously approved the proposed transaction...Under the terms of the asset purchase agreement, United Rentals will acquire National Pump for a purchase price of $780M comprised of $765M in cash and $15M in stock. The transaction structure also provides for additional cash consideration based on achievement of certain financial targets. The maximum payouts for these periods is $75M if LTM adjusted EBITDA reaches $134M twelve months post-closing and an additional $50M if LTM adjusted EBITDA reaches $161M eighteen months post-closing. United Rentals expects to receive a cash tax benefit with a net present value of approximately $110M as a result of the acquisition. The purchase price represents a multiple of 7.6x LTM adjusted EBITDA on a gross basis and 6.5x LTM adjusted EBITDA net of the tax benefit. The deal is expected to be accretive to United Rentalsí free cash flow and earnings per share in 2014. The ROIC of National Pump is expected to exceed URIís cost of capital within 18 months, and exceed its 10% hurdle rate in 2016. The transaction will be funded by existing cash and new debt.
News For URI From The Last 14 Days
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October 21, 2014
06:28 EDTURIUnited Rentals management to meet with Piper Jaffray
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October 16, 2014
07:31 EDTURIUnited Rentals reported strong Q3 results, says Oppenheimer
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October 15, 2014
18:26 EDTURIOn The Fly: After Hours Movers
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16:23 EDTURIUnited Rentals up 3.2% after reporting Q3 results, reaffirming FY14 guidance
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16:22 EDTURIUnited Rentals reaffirms FY14 revenue outlook of $5.55B-$5.65B, consensus $5.62B
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16:21 EDTURIUnited Rentals reports Q3 adjusted EPS $2.20, consensus $2.08
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15:28 EDTURINotable companies reporting after market close
Notable companies reporting after the market close, with earnings consensus, include American Express (AXP), consensus $1.36; eBay (EBAY), consensus 67c; Kinder Morgan (KMI), consensus 34c; Kinder Morgan Energy Partners (KMP), consensus 64c; Kinder Morgan Management (KMR), consensus 58c; El Paso Pipeline Partners (EPB), consensus 39c; Netflix (NFLX), consensus 93c; United Rentals (URI), consensus $2.08; Navient (NAVI), consensus 52c; Las Vegas Sands (LVS), consensus 58c; Umpqua Holdings (UMPQ), consensus 29c; Astoria Financial (AF), consensus 16c; Rambus (RMBS), consensus 5c.

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