Blackstone Infrastructure Partners has announced a recommended offer for Applegreen PLC. The recommended offer is made by Blackstone at a price of €5.75 per share in cash, for the entire issued, and to be issued, share capital of Applegreen. The recommended offer values the entire issued and to be issued share capital of Applegreen at approximately €718.1 million.
It is intended that the takeover offer will be implemented by way of an Irish court sanctioned scheme of arrangement. It is anticipated that the scheme will, subject to obtaining the necessary regulatory approvals, be declared effective in March 2021. Upon completion of the transaction, it is expected Applegreen’s shares will de-list from the London Stock Exchange and Euronext Dublin.
Latham & Watkins represents Blackstone Infrastructure Partners in the transaction with a team led by London corporate partners Neil Ferguson, Richard Butterwick, and John Guccione, and New York real estate partner Michael Haas, with London real estate partner Quentin Gwyer, London associates Suneel Basson-Bhatoa, Antonina Semyachkova, and Danni Davies, and New York counsel Shira Bressler.