Ashtead Technology agrees £505m recommended takeover by Ember at 615p a share

Ashtead Technology shareholders face a cash offer of 615p a share from New York-based private equity firm Ember Infrastructure Management, after the board agreed a recommended deal that values the subsea equipment group at about £505 million.

The 615p offer was Ember's fourth non-binding indicative proposal, Ashtead said; the first two were 'unequivocally rejected' by the board. TheBusinessDesk reported when the fourth proposal arrived that it was unsolicited and non-binding and that the board was considering it with advisers. The board has since agreed terms and intends to recommend the deal.

The offer is 81% above Ashtead's closing price of 340p on 22 September 2026, the last business day before the offer period began, the company said. It is 59% above the three-month volume-weighted average price of 386.1p and 60% above the 12-month average of 383.8p.

Ashtead shares rose 15% to 609.00p on Wednesday morning in London, leaving them just below the offer. The 340p close is the pre-offer-period reference; the 15% move was reported separately by Alliance News. The gap to the offer reflects completion risk and the time value of money, Kalkine Media reported.

Chair Bill Shannon said the board believes the offer recognises the strength of the group and gives shareholders a 'compelling opportunity to realise significant value today' compared with the risk-adjusted return of the standalone plan. The board said trading conditions had become more challenging over the past 18 months as geopolitical uncertainty delayed offshore investment decisions, including projects in the Middle East, Europe and the Americas.

Why Ember wants the business

Ashtead rents and services subsea equipment, from survey and inspection kit to remotely operated vehicle tooling, for offshore oil and gas and offshore wind customers. Revenue rose from £56 million in 2021, when it listed on AIM, to £203 million in 2025. Adjusted operating profit rose from £14 million to £59 million over the same period.

Ember said it plans to take Ashtead private and provide additional long-term capital to accelerate organic growth and pursue further acquisitions. The firm has more than $2 billion under management and specialises in businesses serving critical infrastructure and energy-transition markets.

How the deal is funded

Ember said the acquisition will be funded through its equity, including a passive co-investment from US pension fund CalPERS, alongside debt financing. Latham & Watkins advised on the financing for Ember's takeover, the law firm said. London finance partner Jonathan Brownson led the team.

What happens next

The deal is structured as a scheme. The next formal step is publication of the scheme document, which will set out the court and shareholder meeting dates, Kalkine Media reported. Shareholders will then vote on the scheme, and the deal needs court and regulatory approvals. Completion is expected late in 2026 or early in 2027, Ashtead said.

Elena Savostianova, Ember's founder and managing partner, said: "We will support the company in pursuing its current strategy with greater ambition and with the support of additional long-term private capital."