UK's Ashtead Group to seek shareholder approval to list in New York

(Reuters) - British equipment rental firm Ashtead Group said on Tuesday that it would seek shareholder approval to move ahead with its plan to relocate its primary listing to the United States and form a new U.S. parent company.

The London-based company 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 approved, the new listing is expected to commence in the first quarter of 2026, with Sunbelt Rentals Holdings set to become the new parent company.

Ashtead, the second-largest U.S. equipment rental firm, had announced plans in December to list in New York, joining a growing list of companies moving away from European listings in favour of U.S. markets, where valuations could be higher.

"Since December, the Chair and the executive team have met with a wide variety of shareholders who have understood the rationale and been supportive of the proposed move," the company said.

It would retain a secondary listing on the London Stock Exchange, Ashtead added.

(Reporting by Yadarisa Shabong in Bengaluru; Editing by Tasim Zahid)