Fuel forecourt operator Applegreen said last month that it would be taken private by a consortium led by its founders and Blackstone Infrastructure Partners in a deal that values it at about €718.1 million.
Applegreen said it had accepted a takeover offer from Bidco, a consortium including B&J Holdings and Blackstone Infrastructure Partners, which will see the company delist from the Dublin Stock Market.
B&J Holdings is a 41.3% shareholder in Applegreen and represents the holdings of Applegreen's founders, Bob Etchingham and Joseph Barrett. Under the terms of the deal, shareholders will receive €5.75 in cash for every Applegreen share.
Applegreen's chairman Daniel Kitchen said the company's independent board is unanimously recommending the offer from BidCo. The deal is still subject to approval from the company's shareholders and regulators.
Applegreen is the largest fuel forecourt operator in the country and the second largest in the UK.
'Testament To The Employees'
Over the last 28 years, Applegreen has gone through many changes to become a major roadside retail business with 559 locations employing 11,500 people across Ireland, the UK, and the US.
"This growth is a testament to the employees and the strong culture within Applegreen that have enabled us to identify and pursue attractive investment opportunities," said the company's founders.
"Looking forward, Applegreen will transition its business through capital intensive highway projects and electric vehicle charging infrastructure to meet the needs of an evolving consumer.”