Oil and gas services company Velosi Ltd has agreed to recommend a cash offer for its entire share capital from the Carlyle Group valuing the company at about GBP87.8m.
Velosi shareholders will receive 165p cash per share from Azul Holding 2 Sarl, representing a premium of 61.4% to the closing price yesterday (Dec 8).
Azul's sole shareholder is Azul Holding, which is also the sole shareholder of Applus Technologies Holding S.L.
The Applus Group, a leader in testing, inspection, certification and technological services, was formed in 2007 with the acquisition of Applus by Azul Holding on behalf of the Carlyle Group.
Carlyle's MD Alex Wagenberg said, 'As expected at the time of our investment in Applus, the Carlyle Group has been supportive of an accelerated growth and acquisition strategy to transform Applus into a global leader in its areas of competence.
'The acquisition of Velosi, with the additional financial support of the Carlyle Group and its partners, is the most important step to date in achieving that strategy. We are very excited about the combined prospects for the enlarged Applus Group as it works with Velosi and its highly regarded team in very attractive growth markets.'
Velosi shares rose 59.25p to 161.5p.
