Crestchic votes in favour of Aggreko takeover
09 February 2023
Shareholders of the UK-based loadbank specialist Crestchic have voted to sell the company to rental giant Aggreko.
With locations in France, Germany, the USA and Singapore, Crestchic manufactures, sells and rents loadbanks and transformers.
It primarily serves customers in the power healthcare, marine and shipbuilding, data centres, oil and gas, and mining and drilling sectors.
A majority of the company’s shareholders recently voted in favour of the acquisition deal, which will see Aggreko acquire all of Crestchic’s issued shares and its to-be-issued ordinary share capital.
The company said, “Crestchic is pleased to announce that, at the Court Meeting and General Meeting held earlier today in connection with the Acquisition: the Scheme was approved by the requisite majority of Scheme Shareholders at the Court Meeting.”
“The Special Resolution in connection with the implementation of the Scheme was passed by the requisite majority of Crestchic Shareholders at the General Meeting.”
Back in December of 2022, Aggreko’s £122 million (€138 million) cash offer to purchase Crestchic was accepted. According to Crestchic, it was the complementary products that sealed the deal for its shareholders and management board.
These included an increased geographic reach and resources that could accelerate its growth, “particularly in relation to its small but growing business in the USA.”
Speaking of the deal in December 2022, Peter Harris, Executive Chairman of Crestchic, said the business had the potential to generate significant value for its shareholders in the long-term; “However, the Board recognises that Crestchic, as a relatively small business, could accelerate its growth and shareholder value creation by combining with a significantly larger player in related global markets.
“The Offer of 401 pence per Crestchic share in cash represents an attractive, immediate premium for shareholders, and I am confident that under Aggreko’s responsible long-term stewardship the business will continue to thrive.”