The New Zealand Rental Group, which owns Hirepool, has completed its purchase of Hirequip.
Executive director Mike Foureur says the takeover will transform the industry, bringing the two industry leaders together.
Hirequip has an emphasis on heavy equipment while Hirepool concentrates on specialist and small-to-medium businesses, Mr Foureur says.
Hirepool chief executive Mark Powell, who will be continuing with the company, says it will be making a significant investment in updating the assets and expanding its product range.
All Hirequip employees have been offered, and accepted, positions under the new ownership structure.