LONDON (Alliance News) - Irish petrol forecourt retailer Applegreen PLC on Thursday said it has completed a series of transactions which will result in a 50.01% majority stake in Welcome Break, the UK's second largest motorway service station operator.
Applegreen said it also stands to receive additional equity stake in Welcome Break following transfer of number of early-stage UK pipeline assets to Welcome Break, worth around GBP7.6 million.
Arjun Infrastructure Partners, which owns 49.99% shareholding in Welcome Break, will have the right to to invest up to GBP7.5 million before the end of 2018 to maintain its current shareholding, Applegreen added.
Following the acquisition of majority stake, Applegreen has assumed responsibility for strategy and operational matters of Welcome Break, which operates 27 sites across the UK.
Shares in Applegreen were down 1.7% at 521.00 pence on Thursday.