Subsequent Event

6 Months Ended

Jun. 30, 2018

Subsequent Events [Abstract]

Subsequent Event

Subsequent Event

BakerCorp Acquisition

In June 2018, we entered into a definitive merger agreement with BakerCorp International Holdings, Inc. (“BakerCorp”), pursuant to which we have agreed to acquire BakerCorp in an all cash transaction for approximately $715. The merger and related fees and expenses will be funded through available cash and drawings on current debt facilities. BakerCorp is a provider of rental equipment with approximately 950 employees serving customers in North America and Europe. BakerCorp’s operations are primarily concentrated in the United States and Canada, where it has 46 locations, with another 11 locations in France, Germany, the United Kingdom and the Netherlands. BakerCorp has annual revenues of approximately $295. We expect the merger to close early in the third quarter of 2018.

Termination of Master Exchange Agreement

On July 17, 2018, URNA terminated the Master Exchange Agreement, dated as of January 1, 2009, by and among United Rentals Exchange, LLC, IPX1031 LLC, a Delaware limited liability company, URNA, and United Rentals Northwest, Inc., an Oregon corporation, as amended by Amendment No. 1, dated as of January 1, 2012 (the “Master Exchange Agreement”). A description of the Master Exchange Agreement is set forth in Item 1.01 of URI and URNA’s Form 8-K filed on January 7, 2009. The Master Exchange Agreement was terminated because, as a result of the Tax Act, we are no longer able to defer gains on the sale of property sold after 2017 under the like-kind exchange asset management program under the Master Exchange Agreement.