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Aggreko shares surge on possible 2.25 billion pound buyout proposal

·1-min read

(Reuters) - Aggreko said on Friday it was in talks over a possible 2.25 billion pound ($3.09 billion) buyout proposal for the British equipment rental company from a consortium of private equity groups TDR Capital LLP and I Squared Capital, sending its shares soaring 38%.

The company, which has a contract to supply power equipment for Tokyo 2020 Olympic and Paralympic Games, said TDR and I Squared had made a series of proposals and it was now in talks with them over a possible cash offer of 880 pence per share.

Shares in the FTSE 250 firm hit 879 pence in response to the news, touching over a one-year high, but still below the possible offer price.

Aggreko had a market value of 1.62 billion pounds as of Thursday, according to Refinitiv Eikon data.

The possible 880-pence apiece offer represents a premium of about 39% to the stock's last close. Sky News first reported https://twitter.com/MarkKleinmanSky/status/1357698158298546179 the possible offer on Friday.

The company, whose shares had lost around one-fourth of their value in 2020, said last month it expected 2020 profits to be at the higher end of its 80 million pounds to 100 million pounds forecast range.

(Reporting by Yadarisa Shabong in Bengaluru; Editing by Vinay Dwivedi)