An entity controlled by Buckthorn Partners LLP and the Arab Petroleum Investments Corporation intends to sell a 12.6% stake in Ashtead Technology Holdings PLC.
Numis Securities Ltd., which is acting as bookrunner for the placing, said Monday that BP Inv2 Newco Ltd. is aiming to sell around 10.0 million shares in Ashtead Technology. This stake would have a value of 22.3 million pounds ($27.0 million) based on Monday’s closing price of 223.0 pence.
BP Inv2 currently holds 22.3 million shares in Ashtead Technology, or a 28.0% stake. Following the placing, the plan is to liquidate BP Inv2 and transfer the remaining shares to the underlying investors.
In addition, Buckthorn Partners and APICORP also own an additional 28.0% shareholding in Ashtead Technology through a separate entity named BP Inv2B Bidco Ltd.