United Rentals said it completed its previously announced acquisition of RSC Holdings in a cash-and-stock transaction valued at $18.00 per share at the time of announcement, for a total enterprise value of $4.2 billion, including $2.3 billion of net debt.

The combination of the two companies creates a leading North American equipment rental company with a more attractive customer mix, greater scale and enhanced growth prospects. The combination will accelerate the combined company’s potential for growth with industrial customers, as well as provide a lower cost base and a less volatile revenue profile that is expected to better position the combined company through all phases of the business cycle. The combined company will continue to be called United Rentals.

“We are pleased to announce the closing of this historic combination. This combination will bring together two highly respected businesses to create a company that will provide our customers with an unparalleled level of fleet availability and customer service. We look forward to immediately begin working with our new colleagues at RSC to leverage the operational and cultural strengths of both companies,” said Michael Kneeland, President and Chief Executive Officer of United Rentals.

Centerview Partners and Morgan Stanley acted as financial advisors to United Rentals, and Sullivan & Cromwell acted as the company’s legal advisor. Barclays Capital and Goldman Sachs were lead financial advisors to RSC, and Deutsche Bank also provided financial advice. Paul, Weiss, Rifkind, Wharton & Garrison and Debevoise & Plimpton acted as RSC’s legal advisors.

To read the full United Rentals news release click here.