(Bloomberg) -- TDR Capital and I Squared Capital won enough shareholder support to proceed with their takeover of Aggreko Plc, one of the world's biggest suppliers of portable power generators.
The deal was approved by the requisite majority of shareholders, Aggreko said in a statement Monday. Bloomberg News reported earlier that a preliminary tally of investor votes indicated the deal would be approved.
TDR and I Squared last month offered 880 pence cash per share for Aggreko, valuing the business at about 2.3 billion pounds ($3 billion). Shares of Aggreko rose 1.2% to 863 pence as of 3:50 p.m. London time.
Aggreko offers rentals of power, heating and cooling equipment to clients in the energy, refining, construction and events industries. It has provided generators to the Glastonbury Festival, Britain's marquee music event, as well as the 2018 Winter Olympic Games in South Korea.
Sky News reported on April 21 that the takeover plans were in doubt after Aggreko's biggest shareholder, Liontrust Asset Management, decided to vote against the deal.
©2021 Bloomberg L.P.
Essential Business Intelligence, Continuous LIVE TV, Sharp Market Insights, Practical Personal Finance Advice and Latest Stories — On NDTV Profit.
