Temporary power equipment provider Aggreko has agreed a £2.3bn takeover by two private equity firms.
The Glasgow-based firm told investors its board was recommending the deal with I Squared Capital and TDR Capital after talks.
The private equity firms agreed on the offer worth 880p per share, representing a 39% premium on Aggreko’s share price on 4 February.
The takeover will need at least 75% approval from Aggreko shareholders.
The deal is expected to complete in the summer if it receives the go-ahead.
Aggreko, which supplies temporary power generators around the world, has seen trading severely affected by the coronavirus pandemic.
Chairman Ken Hanna said the board believed the takeover offer represented ‘an attractive price in cash that fairly recognises Aggreko’s future prospects’.