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United Finalizes Purchase of Horizon

GREENWICH, Conn. - United Rentals finalized its acquisition of Fresno, Calif.-based Horizon High Reach and Equipment in early October for $90 million in cash and debt.

United paid $50 million in cash and $40 million in five-year promissory notes to acquire Horizon from parent company W.R. Carpenter North America, according to Bob Miner, United's vice president of strategic planning.

Horizon is No. 21 on the RER 100 with $43 million of its $90 million 1999 revenue coming from rental. The acquisition, United's 41st this year, brings United's total of acquired revenue for the year to $340 million, slightly above its stated goal of $300 million to $325 million.

Horizon, with 17 U.S. locations, specializes in the sale and rental of aerial work platforms and forklifts.

United is No. 1 on the RER 100 and has more than 700 branches in 47 states, Canada and Mexico.

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