Sunbelt completes US primary listing transition
Equipment rental company's fleet valued at more than $19B
Sunbelt Rentals Holdings Inc. began trading on the New York Stock Exchange under the ticker symbol SUNB, completing its transition to a U.S. primary listing while maintaining a secondary listing on the London Stock Exchange.
The Fort Mill, S.C.-based equipment rental company said the move aligns its capital markets presence with its predominantly North American operations, according to today’s Sunbelt release. Over the past 12 months, nearly all of Sunbelt’s operating profit was generated in North America, and the company reports in U.S. dollars.
As part of the transition, former Ashtead Group plc shareholders received one share of Sunbelt Rentals for each Ashtead share previously held, according to the release. Sunbelt operates more than 1,600 locations across all 50 U.S. states and eight Canadian provinces, supported by a fleet valued at more than $19 billion and approximately 24,000 employees, according to the release.
Sunbelt made the move to increase visibility among institutional and retail investors and better position itself to capitalize on continued demand for rental equipment and services across infrastructure, construction, industrial, events and other non-construction markets, according to the release. The company plans to provide additional updates during its March 12 earnings call and during a March 26 investor day, when it plans to outline its strategic roadmap, growth trajectory, cash flow profile and capital allocation priorities.
SUNB stock price opened at $73.09 and was trading at $72.04, down 1.4% at the time of publication.
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