Ashtead Group to switch primary UK listing to US
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The news: UK equipment rental company Ashtead Group has confirmed plans flagged in December to shift its primary listing from the London Stock Exchange to the US.
The numbers: When Ashtead signalled its plans in December, the £23 billion ($45.3 billion) company became the sixth FTSE 100 business to depart the LSE since 2020. The group of six companies had a combined market valuation of almost £280 billion (14% of the total value of the FTSE 100).
The context: Ashtead said that shareholders have understood the rationale and are supportive of the proposed move being in the best interests of the business and its stakeholders.
Ashtead plans to hold an extraordinary general meeting in June, where it will need the support of at least 75% of voting shareholders to proceed.
If the move is approved, the US listing is expected to begin in Q1 2026, at which point Sunbelt Rentals Holdings will become the new parent company.
Almost all of Ashtead’s operating profit (98% in FY24) is derived from North America, which is also the group’s core growth market. Ashtead's executive management team and operational headquarters are based in the US and the vast majority of the group's employees reside in North America.
