Ashtead Technology Holdings, a specialist in subsea energy infrastructure equipment, has agreed to a £505 million cash takeover by Pine, a subsidiary of New York-based private equity firm Ember Infrastructure Management. The deal marks another UK company being acquired by an overseas buyer in the energy sector.
The acquisition represents an 81 percent premium over Ashtead Technology’s closing share price of 340 pence on September 22, the last trading day before the offer period, and a 59 percent premium relative to its three-month volume-weighted average price. Ashtead Technology, which was spun off from Ashtead Group in 2008, supplies rental equipment for the installation, maintenance, and decommissioning of subsea energy infrastructure such as oil rigs and offshore wind farms. Its operations span a global footprint including locations from Singapore to the Gulf of Mexico.
Bill Shannon, chairman of Ashtead, described the offer as “a compelling opportunity to realise significant value today.” Following the announcement, Ashtead’s shares closed up 78 pence or 14.7 percent at 608 pence.
The broader UK market saw modest gains, with the FTSE 100 rising 19.88 points, or 0.2 percent, to 10,752.88, and the FTSE 250 increasing 75.02 points, or 0.3 percent, to 24,439.78. Gains among oil majors and financial stocks helped support the indices, although expectations of a Bank of England interest rate hike in response to higher-than-expected inflation limited overall advances.
Within the FTSE 100, technology services firm Computacenter led gains, adding 180 pence or 3.6 percent to close at £51.20. The company, which offers hardware and technology solutions including cooling equipment and cables, is positioned to benefit from the growing artificial intelligence market.
Energy sector shares also strengthened after the UK government approved development of the Jackdaw gas field in the North Sea. BP shares rose 11¼ pence, or 1.9 percent, to 617 pence amid the sector’s positive momentum.
Recruitment companies experienced gains supported by signs that the hiring slowdown in Europe may be easing, according to an update from Dutch firm Randstad. Michael Page shares increased 15¾ pence, or 8.4 percent, to 203½ pence, while Hays rose 3 pence, or 5.7 percent, to 57¾ pence.
Conversely, Halfords shares declined amid indications that investment plans would weigh on profitability during the second half of the financial year. Despite reporting otherwise strong trading figures, the retailer’s shares slipped 24 pence, or 8.6 percent, to 254 pence.