Pinewood Technologies shareholders back Ridgeview take-private deal in UK software sector
Private equity interest in UK-listed technology companies continues as Pinewood Technologies secures investor approval for a cash takeover by Ridgeview Partners. The £545 million deal values the British automotive software firm at £4.48 per share and is expected to become effective on October 9.
Highlights
- Pinewood Technologies shareholders approved Ridgeview Partners' £545 million take-private deal with 99.76% voting in favor at Friday's meeting.
- Pinewood's board backed Ridgeview's cash offer at £4.48 per share, with the transaction expected to become effective on October 9.
- Pinewood shares have gained 24.16% year-to-date following prior buyout interest from Apax Partners, which withdrew a 500 pence per share offer in February.
Takeover approval and transaction timeline
As reported by Reuters, shareholders of Pinewood Technologies on Friday approved Ridgeview Partners' £545 million take-private acquisition with 99.76% of votes cast in favour at a shareholder meeting.Pinewood's board had recommended the offer in August, backing a cash proposal that values the company at £4.48 per share. The transaction is expected to become effective on October 9.
Private equity pressure on UK-listed tech
Pinewood is the latest London-listed technology company to draw private equity interest as buyout firms continue to target UK-listed businesses viewed as undervalued. The company provides a cloud-based platform that helps car dealerships and manufacturers manage vehicle sales, customer relationships, repairs and accounting.Pinewood had also attracted interest from Apax Partners in January, when the private equity firm made an offer valuing the company at 500 pence per share. Apax withdrew its approach in February, citing challenging market conditions, while Pinewood shares have gained about 24.16% year-to-date.
Our earlier coverage on BASF’s potential merger with Evonik highlighted intensifying consolidation pressure in Europe, with BASF holding advanced talks with Evonik and its largest shareholder, RAG-Stiftung, on a deal valued at roughly €12 billion. We also noted the market’s immediate reaction—Evonik shares jumped while BASF shares fell—as investors weighed possible synergies alongside the likelihood of regulatory scrutiny and the uncertainty over whether negotiations would yield an agreement.
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