Ashtead makes progress on US listing

Ashtead Group, owner of Sunbelt Rentals, hopes to proceed with a listing on the New York stock exchange under a new company called Sunbelt Rentals Holdings Inc.

The listing could take effect in the first quarter of 2026, if approved by shareholders.

Ashtead said in early December last year (see story below) that it was considering the move and since then has consulted shareholders.

It said shareholders “had understood the rationale and been supportive of the proposed move.”

The business will retain a secondary stock market listing in London.

There will now be a formal vote on the proposal by Ashtead shareholders at an extraordinary general meeting (EGM), with approval requiring 75% in value of the shares voted.

Ashtead said a circular will be distributed to shareholders in mid-May with the EGM scheduled for June.

“Subject to shareholders voting in favour of the proposals at the EGM, it is currently expected that the scheme of arrangement will take effect in the first quarter of 2026”, said Ashtead, “at which point Sunbelt Rentals Holdings, Inc will become the new parent company, and the new US primary listing (and the secondary listing in London) will commence.”

Ashtead’s Sunbelt operations in the US and Canada generate total annual revenues of around US$10 billion, while its business in the UK has annual revenues of approximately £730 million.

Ashtead to make US listing switch Move will also mean group rebrand to Sunbelt Rentals