Applegreen EGM in February – shareholders to vote on takeover by Bidco
Applegreen shareholders will be asked to vote to take the business private at an EGM (Emergency General Meeting) set for 17th February. The proposed takover by Bidco – a group that includes Applegreen’s two founding members, will be held remotely.
Bidco incorporates B&J Holdings, owned by Applegreen founders CEO Robert Etchingham and COO Joseph Barrett. The pair own 41.3% of Applegreen. Bidco also incorporates Blackstone Infrastructure Partners.
The deal values Applegreen at €718 million. Shareholders will be offered €5.75 per share.
“Applegreen will transition its business through capital-intensive highway projects and electric-vehicle charging infrastructure to meet the needs of an evolving consumer” the two founders aid late last year.
Their view is that private ownership is the best and most appropriate route structure for the company’s transition.
Blackstone Infrastructure Partners, with its long-term focus and its significant ability to accelerate Applegreen’s growth, the founding-owners believe “we have found the right partner for the next stage of the Applegreen journey,” they said.