Pinewood Technologies agrees £545m take-private deal with Ridgeview
UK-listed automotive software provider Pinewood Technologies is set to leave the public markets after agreeing to a £545m ($739m) takeover by US private equity firm Ridgeview, according to a report by Reuters.
UK-listed automotive software firm Pinewood Technologies is poised to exit the public markets following a £545m ($739m) takeover by US private equity firm Ridgeview, according to Reuters. Shareholders will receive £4.48 per share, marking a 43% premium to Pinewood's closing price on July 23 prior to Ridgeview's proposal. This acquisition adds to a rising trend of UK-listed companies piquing the interest of US private equity firms, fueled by lower valuations and the potential for long-term investments devoid of public market pressures.
Ridgeview, based in San Francisco, aims to provide Pinewood with enhanced resources for data and artificial intelligence development, alongside accelerated growth in North America and beyond. Pinewood's shares, up around 22% year-to-date, climbed 3.6% to 442.5 pence in early trading on Wednesday. This move follows a prior bid by Apax Partners, who offered £575.5m in January, but subsequently withdrew due to unfavorable market conditions. The Ridgeview deal still requires customary conditions and approvals for finalization.
Written by urgent.news from Private Equity Wire's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
