New York private equity firm KKR said on 19 May that it has agreed to buy UK-listed infrastructure investor and manager John Laing Group for £2bn in cash.
Accepting John Laing shareholders will get 403 pence a share, a 27% premium to its closing price of 317.60 on May 5.
John Laing’s shares jumped as much as 19% on 6 May after the company said that it was in takeover talks with KKR. No terms of any deal were disclosed at the time.
“The John Laing board believes that the offer from KKR represents an attractive and certain value in cash today for John Laing shareholders and reflects the high quality of the business, its people and future prospects, as well as providing a positive outcome for John Laing pensioners,” Chairman Will Samuel said.
KKR said that it plans to support John Laing’s management team and its strategy of investing in mid-market economic infrastructure assets and businesses and by providing flexible access to long-term capital to fund further growth opportunities.
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This story was published by Dow Jones Newswires
Corrections and Amplifications: The headline in this article was corrected to reflect the sale price of £2bn, not $2.8bn as was earlier reported.