One of the worlds largest rental firms set for takeover
Aggreko, one of the world’s largest rental companies, is set for private equity takeover by TDR Capital and I Squared Capital following shareholder approval.
The offer of £2.3 billion was made back in March leading to a rise in share price of 1.2% to 863 pence per share. The company’s share listing is scheduled to cease on August 11th.
Aggreko is the largest power and temperature control rental company in the world, with revenues last year of £1.36 billion. The firm offers rentals of power, heating and cooling equipment to clients in the energy, refining, construction and events industries. It has provided generators to the Glastonbury Festival, Britain’s marquee music event, as well as the 2018 Winter Olympic Games in South Korea.
The announcement is in line with speculation that 2021 will be a stellar year for merger and acquisition activity in the global rental sector following recent activity by United Rentals.
Aggreko was voted the Rental Company of the Year winner at this year’s Hire Industry Excellence Awards in the Gold Coast