17 October 2012 6:56am

Equipment rental company Hirepool in New Zealand has sought clearance by the Commerce Commission to buy rival Hirequip out of receivership in a bid to get greater exposure to the heavy construction sector as the Christchurch rebuild starts hitting its stride.

Australian private equity firm Next Capital owns three quarters of Hirepool, through Beach Finance.

A sale and purchase price agreement has yet to be negotiated, though Hirepool's takeover would have to satisfy Hirequip's secured creditor, Westpac, which is owed NZ$118 million. Hirequip's unsecured creditors are also owed...