John Laing falls to KKR for £2bn in latest private equity swoop
Private equity giant wants to tap into the infrastructure company’s access to high-growth markets such renewable energy
19 May 2021 • 3:48pm
John Laing has become the latest London-listed company to fall to a private equity takeover after KKR agreed a £2bn takeover of the infrastructure firm.
A combination of Brexit and coronavirus have battered the shares of many British companies, making them attractive to cash-rich global private investors.
John Laing backed KKR’s 403p a share cash bid - a 27pc premium to the price before the talks was confirmed. It must be backed by 75pc of shareholders to go ahead.
Wednesday, May 19, 2021
Until the last month, the market in the U.S. for special purpose acquisition company (“
SPAC”) IPOs has been booming. For example, in the first three months of 2021, there were 298 IPOs of U.S. SPACs, which raised in aggregate $87.07 billion. That booming market has not included the UK, where during the same period, there were no SPAC IPOs.
U.S. and UK SPAC terms differ in 2 key respects:
in the U.S., SPAC investors are entitled to redeem their entire investment (UK investors are given no right to redeem their shares) at the time of the initial business combination, regardless of whether they vote in favor of the transaction; and
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