Ember Infrastructure Management To Acquire Ashtead Technology For £505 Million

Ember Infrastructure Management has agreed to buy Ashtead Technology Holdings in an all-cash deal that values the subsea equipment and services specialist at about £505 million on a fully diluted basis.

The transaction will be carried out by Pine Acquisition UK Bidco Limited, an entity controlled by investment funds managed or advised by Ember and its affiliates. Ashtead Technology investors would receive 615 pence in cash for every share held.

That price is 80.9% above the company’s closing share price of 340 pence on September 22, 2026, immediately before the offer period started. It also represents premiums of 59.3% and 60.2% to Ashtead Technology’s three-month and 12-month volume-weighted average prices, respectively.

Board Backs Proposed Takeover

Ashtead Technology’s directors intend to recommend the proposal unanimously to shareholders. The takeover is expected to proceed through a court-approved scheme of arrangement, with completion targeted for the final quarter of 2026 or the opening quarter of 2027.

The timetable remains dependent on investor approval, court sanction and the satisfaction of customary regulatory and transaction conditions.

The board said the cash offer gives shareholders an opportunity to secure substantial immediate value. It concluded that the proposal appropriately reflects the strength of the business while reducing the uncertainties associated with delivering its growth strategy as an independent listed company.

Subsea Equipment Supports Offshore Energy

Ashtead Technology supplies equipment, services and technical expertise for underwater energy infrastructure. Its assets are used during the installation, inspection, maintenance, repair and eventual decommissioning of offshore facilities.

The company operates 13 facilities in major international energy centres and controls a rental fleet containing more than 30,000 assets. Its exposure extends beyond conventional offshore oil and gas: approximately 85% of the fleet can also be used on offshore renewable energy developments.

This compatibility is particularly relevant as investment increases in offshore wind and related marine infrastructure. Equipment capable of serving several parts of the offshore energy market may help improve asset utilisation while supporting the maintenance and expansion of lower-carbon power projects.

Rapid Growth Since Stock Market Listing

Since its flotation in November 2021, Ashtead Technology has expanded through internal investment and acquisitions. Annual revenue rose from £55.8 million in 2021 to £203.2 million in 2025.

Adjusted earnings before interest, tax and amortisation increased from £13.7 million to £59.1 million over the same period. The performance reflects growing demand for specialised subsea services, a broader equipment portfolio and the company’s expansion into additional markets.

Ember views Ashtead Technology as a leading participant in a technically demanding sector, supported by an experienced management team, long-standing customer relationships and a large fleet. The investor plans to retain the company’s existing strategic direction while providing additional capital for faster development.

Private Capital Planned for Expansion

Under private ownership, Ashtead Technology is expected to have greater flexibility to invest over longer time horizons. Ember said its backing could support organic expansion, further acquisitions, entry into new geographic markets and the introduction of additional products and services.

Investment is also expected to continue in technology and workforce capabilities. These measures are intended to extend Ashtead Technology’s international reach and strengthen its position across offshore energy markets, including the growing renewable infrastructure segment.

The purchase will be financed with equity supplied by Ember-managed funds, alongside a passive co-investment from CalPERS and affiliated entities. Term-loan financing will provide the remaining funding required for the transaction.

Founded in 2018 and based in New York, Ember invests in infrastructure-related companies. As of September 30, 2026, the firm reported more than $2 billion in regulatory assets under management.