Volvo Inks $1.1B Deal To Shed Equipment Rental Unit

Law360, New York (December 10, 2013, 1:30 PM EST) -- Volvo AB will sell its equipment rental unit to private equity firm Platinum Equity LLC for about 7.2 billion Swedish crowns ($1.1 billion), the companies said Tuesday, in a deal designed to help Volvo focus on core businesses while entrenching Platinum in the rental business.

The deal is expected to close in the first quarter of 2014 and will give Calif.-based Platinum control of Volvo Rents, which rents small- to medium-sized equipment in a number of industries, including construction, oil and gas, and industrial manufacturing....
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