Ashtead Technology Holdings PLC has accepted a cash takeover offer from US private equity firm Ember Infrastructure Management, valued at £505 million. The deal, which sets the price at 615p per share, represents an 81% premium compared to Ashtead’s closing price of 340p on September 22, the last trading day before the offer period began. It also signifies a 59% premium to the company’s three-month volume-weighted average price.
The board of Ashtead Technology unanimously endorsed the acquisition, stating that it provides a more appealing risk-adjusted return for shareholders compared to continuing with the company’s standalone strategy. Ember aims to take Ashtead private and intends to supply additional long-term capital to enhance organic growth and pursue further acquisitions.
Ashtead Technology specializes in providing subsea equipment, technology, and services to the global offshore energy sector, operating in areas such as oil and gas and offshore wind. Since its flotation on the AIM in 2021, the company has seen its revenue grow from £56 million to an expected £203 million by 2025, with adjusted operating profit increasing from £14 million to £59 million during the same period.
However, the board noted that trading conditions have become increasingly difficult over the past 18 months due to geopolitical uncertainties, which have delayed investment decisions in offshore projects across the Middle East, Europe, and the Americas.
Ember Infrastructure Management currently has over $2 billion in assets under management, focusing on businesses in critical infrastructure and energy-transition markets. The acquisition will be financed through Ember’s equity, bolstered by a passive co-investment from the US pension fund CalPERS, in addition to debt financing.
The completion of the acquisition is anticipated to occur either late in the fourth quarter of 2026 or early in 2027, contingent on obtaining approval from shareholders, the court, and regulatory bodies.
