Forecourt retailer Applegreen has announced the completion of the acquisition of UK forecourt operator Welcome Break.
The deal, worth €360 million, was first announced by Applegreen at the beginning of August, which resulted in the Irish operator holding a 50.01% stake in one of the leading motorway service area operators in the UK.
It will now be responsible for its strategy and operational matters of the UK group.
In the Admission Document, Applegreen stated that it and AIP had entered into discussions in relation to a further MSA asset which may be transferred by Applegreen to Welcome Break for additional equity in Welcome Break and a corresponding cash investment by AIP.
Further to this, the Company confirmed that, as part of the completion, a number of additional early-stage UK pipeline assets, including the additional MSA asset, have been transferred by Applegreen to Welcome Break alongside the Applegreen UK Business Transfer Assets.
The value attributed to these early-stage assets is approximately £7.6 million, and Applegreen will receive additional equity in Welcome Break on, or before, 31 December 2018 as consideration for the additional transfer.
AIP has a right to invest up to approximately £7.6 million into Welcome Break on or before 31 December 2018 in order to maintain its current shareholding of 49.99%.
© 2018 Checkout – your source for the latest Irish retail news. Article by Aidan O’Sullivan. Click subscribe to sign up for the Checkout print edition.