United Rentals, Inc., announced January 14 it will acquire H&E Equipment Services for $92 per share in cash, reflecting a total enterprise value of approximately $4.8 billion, including approximately $1.4 billion of debt.

All 2,900 employees and $2.9 billion of rental fleet of Baton Rouge, La.-based H&E Services 160 branches in 30 states were included in the deal which is expected to close in the first quarter of this year.

Matthew Flannery, CEO of Stamford, Conn.-based United Rentals, said, “in H&E we’re acquiring a well-run operation that’s primed to benefit from our technology, operations and broad value proposition. Most importantly, we’re gaining a great team that shares our intense focus on safety and customer service.”

Both companies’ boards approved the transaction and H&E executives praised the merger.

“I’m extremely proud of what we’ve built at H&E over the last 60 years and am confident that our combination with United Rentals will take the business to new heights going forward.” said Bradley W. Barber, chief executive officer of H&E.