United Rentals to Buy H&E Equipment Services for $3.4 Billion

United Rentals Inc. agreed to buy H&E Equipment Services Inc. for $3.4 billion in cash, gaining a fleet of equipment to serve construction and industrial markets.

United Rentals will pay $92 a share in cash for H&E, and the deal includes $1.4 billion in net debt for a total enterprise value of $4.8 billion, according to a statement. The offer is more than double H&E’s Monday closing price of $43.94, and the shares rose 105% before US markets opened Tuesday.

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John Lauerman in Boston at jlauerman@bloomberg.net

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