Ashtead Technology agrees fourth Ember takeover proposal; shares jump
(Alliance News) - Ashtead Technology PLC on Wednesday said it had agreed terms for a recommended cash acquisition from New York-based private equity firm Ember Infrastructure Management LP.
Following the decision, shares in Ashtead soared 15% to 609.00 pence on Wednesday morning in London.
Ashtead, the Aberdeenshire-based subsea equipment and technology provider, said the acquisition values the company at about GBP505 million.
The offer values each Ashtead share at 615 pence, equivalent to approximately 8.2 million shares.
The offer represents an 81% premium to Ashtead's closing share price of 340.0 pence on 22 September 2026, a 59% premium to its three-month volume-weighted average price of 386.1p and a 60% premium to its 12-month average of 383.8p.
This is the fourth non-binding indicative proposal from Ember, the first two of which were "unequivocally rejected".
Ashtead Chair Bill Shannon said: "Throughout this process, the board's priority has been to ensure that the high quality of the Ashtead Technology Group and its prospects are fairly recognised in the terms of Ember's cash offer. The board believes that the acquisition recognises the strength of the Ashtead Technology Group and provides shareholders with a compelling opportunity to realise significant value today when compared with the risk-adjusted return that would be expected to be delivered through the execution of Ashtead Technology's standalone strategy. Accordingly, the Ashtead Technology board intends to recommend that shareholders vote in favour of the acquisition."
Ember Founder & Managing Partner Elena Savostianova said: "We are proud to be partnering with [Ashtead] on the company's next phase of growth. We will support the company in pursuing its current strategy with greater ambition and with the support of additional long-term private capital. We look forward to continuing to invest in the fleet, technology, and people as Ashtead Technology extends its capabilities and international reach."
Completion of the acquisition is currently expected in late 2026 or early 2027, Ashtead said.
By Niall Holden, Alliance News reporter
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