(Sharecast News) - Temporary power supplier Aggreko said on Friday that it has agreed to buy specialist equipment provider Crestchic in a £122m deal.
Under the terms of the transaction, Aggreko will pay 401p per share in cash. This is a premium of around 13% premium to Crestchic's closing share price on Thursday.
Aggreko chairman Mike Smith said: "Crestchic is a world-class business operating in an attractive and specialised area of the power reliability market. In Aggreko, Crestchic will have a supportive and well-capitalised owner who shares Crestchic's desire to execute against its long-term vision of providing solutions aligned with the changing requirements of our customers.
"We look forward to Crestchic becoming part of the Aggreko Group to provide the best platform for success for Crestchic's customers, employees and wider stakeholders."
At 1025 GMT, Crestchic shares were up 12% at 397.65p.
Broker Numis said: "We see good logic to the acquisition, expanding Aggreko's use of loadbanks into a growing market for distributed energy and datacentres."
