Shareholders to vote on €718m deal to take Applegreen private
26 January 2021 | 0
Next month, shareholders at an Applegreen EGM will be asked to vote on a move to take the business private, by a group that includes Applegreen’s two founding members.
On 17 February, an extraordinary general meeting will be held remotely, during which shareholders will be asked to vote on a proposed takeover by Bidco.
Bidco incorporates B&J Holdings, which is owned by Applegreen founders, CEO Robert Etchingham and COO Joseph Barrett, and through which, the duo own 41.3% of Applegreen. Bidco also incorporates Blackstone Infrastructure Partners.
The terms of the deal value Applegreen at €718 million and shareholders will be offered €5.75 in cash per share.
The two founders commented on their plans for the business last year, stating: “Applegreen will transition its business through capital-intensive highway projects and electric-vehicle charging infrastructure to meet the needs of an evolving consumer.”
The duo said it is their belief that private ownership is “the appropriate structure for this transition”.
“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,” they said.