March 05, 2021 | Technology | Europe | Active

Aggreko / TDR and I Squared Consortium: New Deal Insights


On 5-Mar-21, Aggreko, a leading global supplier of power equipment, confirmed a definitive agreement to be acquired by a private equity consortium consisting of TDR Capital and I Squared Capital (50/50 each in equity commitments). Through the public-to-private leveraged buyout, which will be implemented via a UK scheme of arrangement, Aggreko shareholders are being offered 880p cash per share, representing a 39% premium over Aggreko’s undisturbed price on 4-Feb-21. The consideration will be reduced if the scheme becomes effective after any Aggreko dividend record date, and this includes the company’s recently announced final dividend of 10p per share (payable to shareholders on record as of 23-Apr-21) ... Deal risks assessed in this research report: • Unexpected antitrust or foreign investment scrutiny • Ability to attract counterbids • Debt financing wobbles



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