Ashtead Technology Holdings agreed on 21 October 2026 to a recommended cash takeover by funds managed by Ember Infrastructure Management. The 615p-a-share offer values the AIM-listed subsea equipment and services group at about £505m (about US$0.67bn).
Why Pine Acquisition UK Bidco Limited (funds managed by Ember Infrastructure Management) is buying Ashtead Technology Holdings plc
Ember said it saw Ashtead as a highly attractive opportunity to acquire a market-leading subsea infrastructure business, and that its next phase of growth would be best served as a private company. Ashtead's board said the offer was likely to deliver a more attractive risk-adjusted return than its standalone strategy, citing headwinds including Middle East project delays and slower US offshore wind activity.
Deal terms and financing
Shareholders will receive 615 pence in cash per share, an 80.9% premium to the closing price of 340.0p on 22 September 2026, before the offer period began. Directors have given irrevocable undertakings over about 2.3% of the shares. The bid is funded by equity from Ember's funds, including a passive co-investment by CalPERS, and an interim term loan.
Regulatory approvals and timing
The scheme needs approval from shareholders at court and general meetings and sanction by the court, as well as customary regulatory conditions. It is expected to become effective late in the fourth quarter of 2026 or early in the first quarter of 2027, with a long stop date of 21 February 2027.
Market context
Ashtead's board received four indicative proposals from Ember before engaging. The company rents subsea equipment to the offshore oil and gas and offshore wind industries from 13 facilities and reported 2025 revenue of £203.2m. It listed on AIM in November 2021.
