Mar 5, 2021

Aggreko agrees £2.3bn sale to private equity consortium

Aggreko shareholders may be feeling short changed after the power generator hire group accepted a £2.3bn bid from a private equity consortium. "The Aggreko board believes that the offer . . . represents an attractive price in cash that fairly recognises Aggreko's future prospects," chairman Ken Hanna said. Aggreko shares traded as high as 889p on Thursday after Bloomberg reported that rival private equity group Platinum Equity was examining a possible offer, though its interest was seen as less likely to translate into a deal. "Our view is that Aggreko has caved in too easily and that the shares are worth more," said RBC Capital Markets analyst Andrew Brooke. Sales for 2020 grew 3 per cent to £2.1bn with operating profit up 2 per cent to £755m, in line with market expectations.

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