Pine Acquisition UK Bidco, a company controlled by funds managed by Ember Infrastructure Management, has agreed a recommended cash acquisition of Ashtead Technology Holdings at 615 pence a share. The price values the entire issued and to be issued share capital at about 505 million pounds on a fully diluted basis, the companies announced on Wednesday.
The premium is the headline. The offer is 80.9 percent above the closing price of 340.0 pence on September 22, the last business day before the offer period began, 59.3 percent above the three month volume weighted average price and 60.2 percent above the twelve month average. The firm offer follows three earlier approaches from Ember, the first two of which were rejected, before the 615 pence proposal opened the offer period on September 23. Ashtead’s directors intend unanimously to recommend the deal, and directors holding shares have irrevocably committed to vote in favour, covering about 2.3 percent of the issued capital. In early trading the shares rose 14.5 percent to 607 pence.
Ashtead Technology rents and services subsea equipment for the offshore energy sector, covering oil, gas and renewables. Trading has softened: first half 2026 revenue grew 1.1 percent and the EBITA margin fell to 25.0 percent from 27.3 percent, with management citing Middle East disruption and weaker offshore renewables activity in Asia, according to deal coverage. Chairman Bill Shannon said the offer gives shareholders a compelling opportunity to realise significant value today against the risk adjusted return of the standalone strategy.
Ember, a New York infrastructure manager founded in 2018 by former Global Infrastructure Partners investors, said it will invest in Ashtead’s fleet, technology and people and that the next phase of growth is better served under private ownership. Santander is sole financial adviser to Ember; Deutsche Numis and Peel Hunt advise Ashtead. The acquisition will be effected by a scheme of arrangement and is expected to complete in late 2026 or early 2027, subject to shareholder and court approval.