Pacific Horizon to be added to FTSE 250 as Biffa exits amid takeover

Tue, 24th Jan 2023 20:15

(Alliance News) - FTSE Russell said on Tuesday that Pacific Horizon Investment Trust PLC will be added to the FTSE 250 index, replacing Biffa PLC which is being removed.

The changes will be effective from Friday, the index operator said.

Biffa's removal from the FTSE 250 index is subject to court sanctioning of the scheme of arrangement in relation to the cash offer for Biffa by ECP V LLC.

ECP is an investor in the fields of the energy transition, renewables and infrastructure. It agreed, via Bears Bidco Ltd, to acquire Biffa for GBP1.3 billion back in September.

Micro Focus International PLC will be deleted from the FTSE 250, FTSE 350, and FTSE All-Share indices, amongst others, subject to its takeover by Open Text UK Holding Ltd. The change will be effective from January 31.

On Monday, FTSE Russell also announced that TP Group PLC would be removed from the FTSE AIM All-Share index from Thursday, subject to its takeover by Science Group PLC.

At the end of October, Science Group agreed to buy fellow AIM listing TP Group for 2.25 pence per share. The price valued TP at around GBP17.5 million at the time.

By Heather Rydings, Alliance News senior economics reporter

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