Pine Acquisition UK Bidco has this morning agreed to acquire Aberdeenshire-based subsea firm Ashtead Technology for more than £500million.
The boards of Ashtead Technology and Bidco, a subsidiary of Ember Infrastructure Management, have announced they have reached agreement on the terms of a recommended cash acquisition, valuing Ashtead shares at 615p each.
Ashtead Technology, which has a number of sites in Aberdeenshire, will now recommend shareholders vote in favour of the acquisition, which values the company at around £505million.
Commenting on the acquisition, Bill Shannon, Chairman of Ashtead Technology, said: "Ashtead Technology is a market leader in the subsea technology sector, operating a high-performing business led by a proven and experienced management team with a strong track record of strategic execution.
"In recent years, the Ashtead Technology Group has demonstrated resilience despite a challenging market and geopolitical backdrop, continuing to deliver on its strategy, driven by rising global demand for its cutting-edge technical capabilities and through the breadth of its longstanding customer relationships.
"Throughout this process, the board's priority has been to ensure that the high quality of the Ashtead Technology Group and its prospects are fairly recognised in the terms of Ember's cash offer.
"The board believes that the acquisition recognises the strength of the Ashtead Technology Group and provides shareholders with a compelling opportunity to realise significant value today when compared with the risk-adjusted return that would be expected to be delivered through the execution of Ashtead Technology's standalone strategy.
"Accordingly, the Ashtead Technology Board intends to recommend that shareholders vote in favour of the acquisition."
Commenting on the acquisition, Elena Savostianova, Founder and Managing Partner of Ember, said: "Ashtead Technology has established itself as a category leader in subsea technology solutions through the depth of its technical expertise, the scale and breadth of its fleet, the strength of its service culture, and its disciplined commitment to continuous improvement.
"Ember greatly admires the business that the world-class team at Ashtead Technology has built, and we are proud to be partnering with them on the company's next phase of growth.
"We will support the company in pursuing its current strategy with greater ambition and with the support of additional long-term private capital.
"We look forward to continuing to invest in the fleet, technology, and people as Ashtead Technology extends its capabilities and international reach."
The acquisition is expected to be completed late this year or in early 2027.
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