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Blackstone and Tinicum to buy Senior in £1.4bn deal
(Sharecast News) - Engineer Senior said on Tuesday that it has agreed to be bought by Tinicum and Blackstone in a £1.4bn deal. Under the terms of the transaction, the consortium will pay 300p per share. This includes 297.85p per share in cash and the FY25 final dividend of 2.15p.
The cash consideration represents a premium of about 2.8% to the closing Senior share price last Thursday.
Senior chairman Ian King said: "Senior's strategy is to refocus the Senior Group into a global, leading fluid conveyance and thermal management business providing IP rich, highly engineered products to customers in a range of structurally attractive end markets. The board has full confidence that the Senior management team will continue to deliver on this strategy and will deliver on the medium-term financial targets, offering enhanced shareholder value over the medium term.
"However, the board believes that BidCo's offer recognises the attractiveness of Senior and represents an opportunity for Senior shareholders to realise an immediate cash value at an attractive enterprise valuation multiple of 15.2x 2025A adjusted EBITDA.
"The board has also taken into account the consortium's considerable experience in investing in global aerospace and industrial companies and BidCo's intentions for Senior and its employees, customers and other stakeholders."
At 1340 BST, Senior shares were up 0.2% at 290p.
See latest RNS on Investegate
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