• Business
    Bloomberg

    Olympic Games Power Provider Agrees to $3.2 Billion Takeover

    (Bloomberg) -- Aggreko Plc, one of the world’s biggest suppliers of portable power generators, accepted a 2.3 billion-pound ($3.2 billion) bid from a private equity consortium.TDR Capital and I Squared Capital agreed to buy the business for 880 pence per share in cash, London-listed Aggreko said in a statement. The price represents a 39% premium to Aggreko’s closing price on Feb. 4, the day before their interest was first reported. The stock rose 1.8% to 905 pence shortly after the open of regular trading Friday.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.Bloomberg News reported Thursday that the private equity firms were nearing a firm offer for Aggreko following weeks of negotiations. Platinum Equity has also made a preliminary approach to Aggreko, though its interest was seen as less likely to translate into a deal, people with knowledge of the matter said.TDR and I Squared’s offer for Aggreko is in-line with expectations and unlikely to see competing bids, Andrew Nussey, a Peel Hunt analyst, wrote in a note. The acquisition is expected to be completed in the summer of this year.Bargain HuntingPrivate equity firms have been hunting for bargains among listed companies in the U.K. Blackstone Group Inc. and Global Infrastructure Partners teamed up last month on a deal to buy Signature Aviation Plc, an operator of private-jet bases, for $4.7 billion. Allied Universal Security Services LLC, which is backed by Warburg Pincus, has offered to take over British security firm G4S Plc for 3.8 billion pounds.TDR has been particularly active. It completed an acquisition last month of a controlling stake in Walmart’s U.K. grocery arm, Asda Group Ltd., together with Britain’s Issa brothers. In February, it approached Arrow Global Group Plc about a potential takeover bid valuing the London-listed alternative investment group at more than 540 million pounds.Morgan Stanley, Barclays Plc, Deutsche Bank AG, Goldman Sachs Group Inc., JPMorgan Chase & Co. and Bank of America Corp. are advising the private equity consortium. Aggreko is working with Centerview Partners, Citigroup Inc. and Jefferies Financial Group Inc.Barclays, Bank of America, Deutsche Bank, Goldman Sachs and Banco Santander SA are helping arrange debt to fund the transaction.(Updates with shares trading in the second paragraph.)For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2021 Bloomberg L.P.

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  • Lifestyle
    Architectural Digest

    16 Best Poufs, Ottomans, and Footstools for Your Every Need

    Footrest, coffee table, laptop stand, bar cart—these tiny but mighty multipurpose pieces get it all doneOriginally Appeared on Architectural Digest

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  • World
    Reuters

    Singapore regulator tells banks to monitor Myanmar fund flows after coup

    Singapore's central bank has told financial firms to be vigilant to any suspicious transactions or fund flows between the city-state and Myanmar, a circular seen by Reuters showed, citing concerns over the potential for financial crimes. In the Feb 25th circular, the Monetary Authority of Singapore (MAS) reminded all chief executives of financial institutions of the need for robust customer due diligence and appropriate risk mitigation measures in higher risk situations.

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  • Business
    Reuters

    Saudi prince pushes on with $500 billion megacity as U.S. points the finger over Khashoggi killing

    Yet preparations for NEOM, the $500 billion signature project in Prince Mohammed bin Salman's drive to diversify Saudi Arabia's economy, are well underway. The organisation behind the development, expected to be close to the size of Belgium when it is completed, will hire 700 people this year, according to Simon Ainslie, the venture's chief operating officer. While NEOM is being sold as a vision of a brighter future, international investors have yet to bite.

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  • U.S.
    Harper's Bazaar

    Emily Oberg of Sporty & Rich's Lucky 13 Shopping Picks

    The designer and entrepreneur has a razor-sharp aesthetic—see what's on her list.From Harper's BAZAAR

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  • News
    FOX News Videos

    'Baltimore HS student fails all but 3 classes over 4 years, ranks near top half of class'

    'A Baltimore high school student passed all but three classes over four years and still graduated near the top half of his class with a 0.13 GPA, according to Fox 45 Baltimore.'

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