Forecourt operator Applegreen said on Tuesday it would be taken private by a consortium led by its founders and Blackstone Infrastructure Partners in a deal that values the Irish petrol station operator at about €718.1 million.
The company, founded by chief executive officer Robert Etchingham and chief operating officer Joseph Barrett, said its shareholders would receive €5.75 per share in cash, representing a premium of 13.9% to its shares' last close.
"The business has significant scope to further expand its footprint, which we believe will be best achieved in the private arena," Chairman Daniel Kitchen said.
B&J Holdings, owned by Etchingham and Barrett, has a stake of around 41.3% in the 28-year-old roadside retailer that operates 559 sites across Ireland, the United Kingdom and the United States.
The offer represents a premium of 48.2% to the company's share price on Dec. 9, a day before Applegreen said it was in advanced talks with the consortium about a takeover.
"Looking forward, Applegreen will transition its business through capital intensive highway projects and electric vehicle charging infrastructure," Etchingham and Barrett said.
News by Reuters, edited by ESM. Click subscribe to sign up to ESM: European Supermarket Magazine.
