Shareholders to vote on €718m Applegreen deal
Offer of €5.75 per share in move to take fuel forecourt retailer private
Applegreen is going private to better harness future growth opportunities.
Shareholders in Applegreen will be asked to vote next month on the proposed move by a group that includes the fuel forecourt retailer ’s two founding directors to take it private.
At an extraordinary general meeting, to be held remotely on February 17th, shareholders will be asked to vote on the proposed takeover by Bidco, a newly-formed company incorporating B&J Holdings – a vehicle owned by Applegreen’s founders, chief executive Robert Etchingham and chief operations officer Joseph Barrett – through which they own 41.3 per cent of Applegreen, and Blackstone Infrastructure Partners.
Under the terms of the deal, which values the company at €718 million, Applegreen shareholders are being offered €5.75 in cash for each share.
It’s understood that the bid for the company was first made last August and will position the company for future growth opportunities.
“Applegreen will transition its business through capital-intensive highway projects and electric-vehicle charging infrastructure to meet the needs of an evolving consumer,” the two founders said last year.
“We believe private ownership is the appropriate structure for this transition and that in Blackstone Infrastructure Partners, with its long-term focus and its significant ability to accelerate our growth, we have found the right partner for the next stage of the Applegreen journey.”