Ashtead Technology accepts £505 million Ember acquisition offer

Aberdeen based Ashtead Technology has agreed to a takeover bid from Ember Infrastructure Management for a total value of £505 million. The board of the technology firm has recommended that shareholders support the cash offer, following an initial unsolicited and non binding proposal received in September. Shareholders will now be asked to vote on the transaction, which marks a significant shift for the company as it moves from independent operation to private ownership.

Bill Shannon, chairman of Ashtead Technology, stated that the group has demonstrated resilience in recent years despite a challenging market and geopolitical backdrop. He noted that the company has continued to deliver on its strategy, driven by rising global demand for its technical capabilities and the breadth of its longstanding customer relationships. Shannon added that the board’s priority throughout the process was to ensure that the high quality of the group and its prospects were fairly recognised in the terms of the offer. The board believes the acquisition recognises the strength of the business and provides shareholders with a compelling opportunity to realise significant value today, compared with the risk adjusted return expected from executing the standalone strategy.

The announcement coincided with the deadline day for New York based private equity firm Ember to put up or shut up. Although Ashtead has previously reassured markets that its balance sheet remains strong, it recently issued warnings that revenues were likely to be around 5% below current market expectations due to adverse conditions linked to the ongoing war in the Middle East. The firm employs around 650 people worldwide, with hundreds based at its headquarters in Westhill. In the first half of the year, the company reported revenue of £100.2 million, a 1% increase compared to the same period in 2025, although its EBITDA margin fell to 25% from 27.3% in the previous year.

Elena Savostianova, founder and managing partner of Ember, said the firm will support the company in pursuing its current strategy with greater ambition and the support of additional long term private capital. She expressed a desire to continue investing in the fleet, technology, and people as Ashtead Technology extends its capabilities and international reach. Share prices in the Aberdeen headquartered business climbed almost 15% after markets opened at 9:55 AM.