Ashtead Technology, the subsea equipment rental specialist, has agreed a recommended cash takeover worth approximately £505 million from Ember Infrastructure Management, a US private equity firm focused on energy and renewables.
Ember is offering 615 pence per share, a premium of 80.9% to Ashtead Technology's closing price of 340 pence on 22 September, the day before the offer period began.
The bid also represents a premium of 59.3% to the three-month volume-weighted average price and 60.2% to the twelve-month average.
The Ashtead Technology board has unanimously recommended shareholders vote in favour, with the deal structured as a court-sanctioned scheme of arrangement.
Directors holding shares have irrevocably committed to vote in favour, covering approximately 2.3% of the issued share capital.
Chairman Bill Shannon said the offer fairly recognised the strength of the business and provided a compelling opportunity to realise significant value today.
Ember founder Elena Savostianova said the firm intended to support Ashtead Technology's existing strategy with greater ambition and additional long-term private capital.
Ember plans to continue investing in the fleet, technology and people as Ashtead Technology extends its capabilities and international reach.
The acquirer argued the next phase of growth would be better served under private ownership, with greater financial flexibility and freedom from the constraints of the public markets.
Santander is acting as sole financial adviser to Ember, while Deutsche Numis and Peel Hunt are advising Ashtead Technology.
The deal is expected to complete in late 2026 or early 2027, subject to shareholder and court approval.
