The latest Investing Matters Podcast with Jean Roche, Co-Manager of Schroder UK Mid Cap Investment Trust has just been released. Listen here.

Less Ads, More Data, More Tools Register for FREE

Pin to quick picksAGK.L Share News (AGK)

  • There is currently no data for AGK

Watchlists are a member only feature

Login to your account

Alerts are a premium feature

Login to your account

Aggreko agrees £2.3bn sale to private equity groups

Fri, 05th Mar 2021 07:03

(Sharecast News) - Aggreko has agreed to be bought by two private equity firms in a cash deal valuing the FTSE 250 company at £2.3bn.
TDR Capital and I Squared Capital Advisors will pay 880p for each of the power generator supplier's shares. The price is 39% more than the closing price on 4 February, the day before an offer period started, and 49% more than the average price in the preceding three months.

Aggreko has been in talks with the buyout groups for the past month after revealing the firms had approached it about a takeover. The price agreed is the same as the potential offer TDR and I Squared had made in February.

The company announced a final dividend of 10p a share on 1 March. If the dividend is paid before the deal completes the offer price will be reduced.

Aggreko said it accepted the offer because it was an attractive cash price that fairly recognised its prospects.

The company provides power generators for events ranging from the Glastonbury pop festival to the Olympic Games. Its business was hit by the postponement of the Tokyo Olympics and other sports fixtures, festivals and events during Covid-19 lockdowns worldwide but it said on 1 March its markets were recovering.

Ken Hanna, Aggreko's chairman, said: "We believe that the business, its people and customers will continue to be well supported with I Squared Capital and TDR Capital as shareholders bringing their expertise in energy and rental markets to support our existing strategy."

Private equity firms have been circling UK companies to capitalise on valuations that have failed to keep pace with the recovery in other stock markets with the global economy expected to rebound from the Covid-19 crisis.







More News
3 Mar 2020 10:56

UK WINNERS & LOSERS SUMMARY: 4imprint Surges After Strong Results

UK WINNERS & LOSERS SUMMARY: 4imprint Surges After Strong Results

Read more
3 Mar 2020 10:20

LIVE MARKETS-ESG: too much emphasis on "E"?

* European stocks stage bounce back, rise 2.8% * Virus-hit travel and mining stocks boost rally * Qiagen jumps 20% after Thermo Fisher's $12 billion bid * Wall Street futures point 1% rise after 5% jump on Monday Welcome to the ...

Read more
3 Mar 2020 09:28

UPDATE 2-London stocks climb as Fed moves to fight coronavirus risk

* U.S. Federal Reserve cut interest rates* G7 pledged "appropriate", unspecific policy moves* Marketing firm 4imprint jumps on minimal virus impact* FTSE 100 up 1%, FTSE 250 adds 2% (Adds stock close, news items)By Devik Jain and Noor Zainab Hussain...

Read more
3 Mar 2020 09:28

UPDATE 1-London stocks climb as global monetary stimulus hopes intensify

* Traders eye G7 meeting for signs on stimulus action* BP, Shell track oil prices higher* Marketing firm 4imprint jumps on minimal virus impact* FTSE 100 up 2.1%, FTSE 250 adds 2.4% (Adds comments, details; updates prices)By Devik Jain and Shivani K...

Read more
3 Mar 2020 09:24

Aggreko Annual Profit Rises, Monitoring Coronavirus Impact On Olympics

Aggreko Annual Profit Rises, Monitoring Coronavirus Impact On Olympics

Read more
3 Mar 2020 08:31

LIVE MARKETS-Opening snapshot: Bets on how long this rally could go?

Welcome to the home for real-time coverage of European equity markets brought to you by Reuters stocks reporters. You can share your thoughts with Thyagaraju Adinarayan (thyagaraju.adinarayan@tr.com), Joice Alves (joice.alves@tr.com), Julien Ponthu...

Read more
3 Mar 2020 08:22

Aggreko sticks to outlook if Tokyo Olympics go ahead

(Sharecast News) - Aggreko posted a 10% increase in annual profit and said it expected to meet expectations for 2020 if its $200m (£157m) contract for the Tokyo Olympics is not cancelled by the coronavirus outbreak.

Read more
27 Jan 2020 09:36

UK BROKER RATINGS SUMMARY: Peel Hunt Cuts Ashtead And Raises DCC

UK BROKER RATINGS SUMMARY: Peel Hunt Cuts Ashtead And Raises DCC

Read more
8 Jan 2020 09:31

UK BROKER RATINGS SUMMARY: Kepler Cheuvreux Downgrades Aston Martin

UK BROKER RATINGS SUMMARY: Kepler Cheuvreux Downgrades Aston Martin

Read more
18 Dec 2019 11:16

Resolute Mining And Aggreko Pen Deal To Build New Solar Plant At Syama

Resolute Mining And Aggreko Pen Deal To Build New Solar Plant At Syama

Read more
25 Nov 2019 11:38

Resolute Mining To Cut Power Costs At Syama With New Aggreko-Run Plant

Resolute Mining To Cut Power Costs At Syama With New Aggreko-Run Plant

Read more
25 Nov 2019 09:29

UK BROKER RATINGS SUMMARY: Hays And Softcat Suffer Downgrades

UK BROKER RATINGS SUMMARY: Hays And Softcat Suffer Downgrades

Read more
12 Nov 2019 09:04

Aggreko 2019 Revenue Pressured; Full Year Earnings Forecast Intact

Aggreko 2019 Revenue Pressured; Full Year Earnings Forecast Intact

Read more
12 Nov 2019 07:58

Aggreko on track to meet FY market expectations

(Sharecast News) - Temporary power supplier Aggreko said on Tuesday that it was on track to meet market expectations for the year.

Read more
5 Nov 2019 11:57

Tuesday broker round-up

(Sharecast News) - HSBC: Berenberg downgrades to sell with a target price of 490p.

Read more

Login to your account

Don't have an account? Click here to register.

Quickpicks are a member only feature

Login to your account

Don't have an account? Click here to register.