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Announced

Completed

Blackstone and B&J Holdings completed the acquisition of the remaining shares in Applegreen for €480m.

Financials

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Transaction Value£438m
Consideration TypeCash
Capital Owned41%
Capital Bid For59%
EV/Sales1x
EV/EBITDA4.35x
Share Price Premium48.2%
One Off Charge-

Tags

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Ireland

Public

Private Equity

Diversified Retailers

Friendly

petrol stations

Cross Border

Majority

Single Bidder

Acquisition

Privatisation

Completed

Synopsis

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US private equity group Blackstone and B&J Holdings, a 41.3% shareholder in Applegreen representing the holdings of Applegreen's founders, completed the acquisition of the remaining shares in Applegreen, an Irish company that operates a number of petrol stations in Ireland, the UK and the US, for €480m ($586m). The move to take Applegreen private comes as the business grapples with Covid-19, Brexit, and an accelerating shift by motorists towards electric vehicles. The board of Applegreen believes the offer, if effected, would represent a compelling opportunity for shareholders to realise their investment at an attractive premium to the prevailing share price.

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