Applegreen to be taken private in €718m deal
Applegreen said on Tuesday that it has agreed to be taken private by a consortium led by B&J Holdings Limited and Blackstone Infrastructure Partners in a deal that values the Irish petrol station operator at €718.1m.
Under the terms of the transaction, shareholders will receive €5.75 per share in cash, a premium of around 48.2% to the closing share price on 9 December, which is the day before Applegreen announced it was in talks with Blackstone.
The deal represents "a compelling opportunity for independent shareholders to realise their investment in cash in the near term, and is at a significant premium to the prevailing share price", Applegreen said.
B&J represents the holdings of the company’s founders Robert Etchingham and Joseph Barrett.
Chairman Daniel Kitchen 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."