Applegreen To Be Taken Private By Founders And Blackstone In €718m Deal
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.