Smith Square Partners acts as financial adviser to Crestchic plc in relation to a £122 million recommended cash offer from Aggreko Limited

On 22 February 2023 Crestchic plc (“Crestchic”) announced that the recommended cash offer for its entire issued ordinary share capital by Aggreko Limited (“Aggreko”) has completed by way of a court-sanctioned scheme of arrangement. The recommended cash offer was announced on 8 December 2022 and on 6 February 2023 96.6% of voting shareholders voted to approve the scheme resolutions.

Under the terms of the acquisition, each Crestchic shareholder received 401p in cash per share, valuing the entire issued and to be issued share capital of Crestchic at approximately £122 million. The acquisition price represents a premium of approximately 41% to the volume-weighted average price for the 60 day period to 8 December 2022, and 13% to the closing price per share on 8 December 2022.

Crestchic is a market leader in the power reliability sector, manufacturing, selling and renting loadbanks and transformers to domestic and international customers.

Aggreko is a global market leader in delivering power and temperature control solutions. It is backed by TDR Capital and I-Squared.

Smith Square Partners acted as sole financial adviser to Crestchic plc.