Livingston-based gas metering company Energy Assets Group said on Monday it agreed to be acquired by funds controlled by US infrastructure asset manager Alinda Capital Partners for about £198 million.
Alinda will pay 685p per share to acquire Energy Assets, a roughly 40% premium to its closing price on Friday.
Chris Beale, managing partner of Alinda Capital Partners, said: “Alinda Capital Partners is delighted to announce the recommended acquisition of Energy Assets.
“Energy Assets is a strong company with a robust business model which we have followed for some time.
“We are committed to enhancing Energy Assets’ position as a leading independent operator during an important phase for the business as it invests in the roll-out of smart meters and to working with its customers, employees and management to continue the success of the company.”
Dr Christopher Masters, chairman of Energy Assets, said: “Since the time of the IPO of Energy Assets in March 2012, Energy Assets has successfully executed its strategy of generating high levels of revenue growth, broadening its activities and market reach and increasing profitability.
“Whilst Energy Assets is well placed to continue to deliver on its stated strategy, the recommended acquisition … will enable shareholders to crystallise an immediate and certain value in cash.
“It represents a significant premium to both the recent share price trading levels and the share price at the time of the IPO and avoids exposure to the risks and uncertainties implicit in executing a forward looking strategy.”