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Applegreen to be taken private by founders, Blackstone in $877.7 million deal

·1-min read

(Reuters) - Applegreen said on Tuesday it would be taken private by a consortium led by its founders and Blackstone Infrastructure Partners in a deal that values the Irish petrol station operator at about 718.1 million euros ($877.66 million).

The company, founded by Chief Executive Officer Robert Etchingham and Chief Operating Officer Joseph Barrett, said its shareholders would receive 5.75 euros per share in cash, representing a premium of 13.9% to its shares' last close.

"The business has significant scope to further expand its footprint, which we believe will be best achieved in the private arena," Chairman Daniel Kitchen said.

B&J Holdings, owned by Etchingham and Barrett, has a stake of around 41.3% in the 28-year-old roadside retailer that operates 559 sites across Ireland, the United Kingdom and the United States.

The offer represents a premium of 48.2% to the company's share price on Dec. 9, a day before Applegreen said it was in advanced talks with the consortium about a takeover.

"Looking forward, Applegreen will transition its business through capital intensive highway projects and electric vehicle charging infrastructure," Etchingham and Barrett said.

($1 = 0.8182 euros)

(Reporting by Tanishaa Nadkar in Bengaluru; Editing by Aditya Soni)