By Mark McSherry

The £2.32 billion takeover of Glasgow-based mobile power giant Aggreko plc by private equity firms TDR Capital LLP and I Squared Capital has narrowly won enough shareholder support to proceed, Aggreko said late on Monday.

The deal has been structured as a scheme of arrangement — which means it required 75% of voting shareholders to support it.

“Aggreko is pleased to announce that, at the Court Meeting and General Meeting held earlier today in connection with the acquisition … the resolution to approve the scheme was passed by the requisite majority of scheme shareholders at the Court Meeting; and … the Special Resolution to implement the Scheme, including the amendment of Aggreko’s articles of association, was passed by the requisite majority of Aggreko Shareholders at the General Meeting.”

Aggreko’s board had recommended shareholders accept the takeover offer from a newly formed company owned by funds managed by the private equity firms.

The new company called Albion Acquisitions Limited offered £8.80 per Aggreko share in cash — a premium of 39% to Aggreko’s closing price on February 4, the day before the offer was made public to the market.

But the deal had reportedly been thrown into some doubt because major shareholder Liontrust Asset Management had doubts about the transaction.

Aggreko provides mobile energy for major sporting events, concerts and natural disasters and has a contract to supply power equipment for the Tokyo Olympics.

Aggreko added: “The Scheme remains subject to the satisfaction or (where applicable) waiver of the remaining Conditions and further terms set out in the Scheme Document, including the Court sanctioning the Scheme at the Scheme Court Hearing, which is expected to take place soon after the remaining Conditions are satisfied (or, where applicable, waived) …”