A consortium led by buyout firm KKR has made its offer to buy Accell Group unconditional, it said on Friday, in a deal that values the maker of Sparta, Batavus and Raleigh at $1.66bn.
After receiving 77.8% of shares, the consortium said it would waive a condition of needing to reach an 80% threshold of shares tendered to its 58 euro per share offer for the deal to go through.
Get the week’s top news delivered directly to your inbox – Sign up for our newsletter
The deal is the latest sign of rising investor interest in the e-bike industry, after Dutch bike firm Van Moof raised $128 million from Hillhouse Capital last year to fund its U.S. expansion, and Cerberus Capital Management made an unsuccessful bid for Canada’s Dorel Industries.
Holdout shareholders can continue to tender shares at the offer price in a post-offer period that runs through June 23, the consortium said.
Source: Reuters
Can’t stop reading? Read more
Exclusive Interview: Andrei Gemeneanu on building Romania’s private equity future
Exclusive Interview: Andrei Gemeneanu on building Romania's private equity future Andrei...
Shore Capital’s Justin Ishbia agrees $1.8bn path to control of MLB’s Chicago White Sox
Shore Capital’s Justin Ishbia agrees $1.8bn path to control of MLB’s Chicago White Sox Justin...
EQT to acquire controlling stake in Waga Energy in €534m clean energy push
EQT to acquire controlling stake in Waga Energy in €534m clean energy push EQT is set to acquire a...