AGGREKO has agreed to be taken over by private equity players TDR Equity Capital and I Squared Capital in a cash deal worth £2.32 billion.

Ken Hanna, chairman of the Glasgow-based temporary power specialist, declared that the deal “represents an attractive price in cash that fairly recognises Aggreko’s future prospects."

He said: “We believe that the business, its people and customers will continue to be well supported with I Squared Capital and TDR Capital as shareholders bringing their expertise in energy and rental markets to support our existing strategy.”

The deal values Aggreko at 880p per share, which is a 39 per cent premium to Aggreko’s closing price of 635p on February 4 – the last business day before the start of the offer period. TDR and 1 Squared had first approached Aggreko in early February.

Mr Hanna added: “Aggreko is a great company and the actions that we have taken in the last few years, both strategically and financially, have positioned the company well to navigate the market challenges and look to the future as a leader in the energy transition.

“The leadership team set out a clear vision in November 2020 for how Aggreko can both grow profitably through the energy transition and achieve market leading carbon reduction targets. This strategy was well received by our partners, our customers and investors, and I Squared Capital and TDR Capital are fully supportive.

“I am proud to have been chair of Aggreko for the last nine years and it has been a pleasure to work with so many dedicated individuals who have made Aggreko a leader in the field of temporary power solutions. For now, it is business as usual, and I thank all our people for their continued dedication and hard work.”

Aggreko employs around 300 people in Dumbarton, where the company is planning a £4.5 million investment to upgrade its facilities at Lomondgate Park.

Shares were up around one per cent in early trading.