First Reserve private equity has agreed the acquisition of Texas-based TNT Crane & Rigging from owners Odyssey Investment Partners.

In August this year Odyssey asked JP Morgan Chase & Co to explore opportunities to sell the US crane rental group.

No details have been released but the deal may be worth more than $650 million and is expected to complete before the end of the year.

TNT was founded in December 1984 by Troy Lambert with a single 18 ton mobile crane and now has operations in Texas, Louisiana and Oklahoma, with a fleet of more than 400 trucks and all-terrain cranes. In April, the company acquired crane companies, Mesquite, Texas-based TSD Crane & Rigging and Mineral Wells, Texas-based Greenergy Construction & Maintenance.