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Record deal completed

PLANT

ASHTEAD'S US subsidiary Sunbelt Rentals has completed the $1 billion (£543 million) acquisition of NationsRent, making it the third biggest hirer in America.

The deal, the biggest in the industry's history, depended on the acceptance of a range of funding measures, including a rights issue by the firm.

George Burnett, Ashtead's chief executive, said: 'We are delighted to have acquired NationsRent, a move that effectively accomplishes our fiveyear US growth strategy in a single step and with minimum overlap.'