Petrol station operator Applegreen has struck a Blackstone-backed take-private deal valuing the London-listed company at €718.1m (£654.7m).
The recommended €5.75 per share takeover would see the company sold to a vehicle owned by Applegreen founders Robert Etchingham and Joseph Barrett as well as Blackstone Infrastructure Partners.
Daniel Kitchen, chairman of Applegreen, said: “Over recent years, Applegreen has expanded operations to develop an enviable position as a leading roadside convenience retailer across Ireland, the UK and the US, combining a unique customer proposition with an effective business model to increase resilient non-fuel revenues.
“The business has significant scope to further expand its footprint, which we believe will be best achieved in the private arena where the group can benefit from the experience and capital of Blackstone as its partner, whilst maintaining the management and wider team which have driven the business forward to date.”
Applegreen is quoted on AIM and Euronext Growth. Established in 1992, it now owns 559 sites and employs 11,145 people.
If shareholders approve the transaction, the deal is expected to complete next March.
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