Senior plc agrees to be acquired by Tinicum and Blackstone Group for £1.28 billion

Investing.com – Senior plc announced on Tuesday that its board of directors has agreed to accept the cash acquisition offer made by Zeus UK Bidco Limited. Zeus UK Bidco Limited is a company controlled by investment funds affiliated with Tinicum Incorporated and Blackstone Inc.

Under the terms of the acquisition, shareholders will receive consideration of 300 pence per share, comprising 297.85 pence in cash and a final dividend of 2.15 pence for fiscal year 2025. The cash consideration represents a 36.6% premium to the six-month volume-weighted average price and a 2.8% premium to Wednesday’s closing price of 289.80 pence.

The transaction values Senior’s issued share capital at approximately £1.28B (on a fully diluted basis), implying an enterprise value of approximately £1.4B. This corresponds to 15.2 times Senior’s adjusted EBITDA for the fiscal year ended December 31, 2025, and 22.0 times adjusted operating profit.

With Lazard advising on the financial terms, the Senior board believes the acquisition terms are fair and reasonable. The directors intend to recommend that shareholders vote in favor of the proposal at the court meeting and the general meeting. They have irrevocably committed to vote in favor of the transaction all of the 2,620,740 shares in aggregate that they hold (approximately 0.6% of Senior’s ordinary share capital).

BidCo has also obtained an irrevocable commitment from Alantra to vote in favor of the proposal in respect of 72,307,009 shares (approximately 17.2% of Senior’s ordinary share capital). Together with the directors’ holdings, BidCo has obtained irrevocable commitments covering approximately 17.9% of Senior’s share capital.

The consortium plans to place Senior and AeroFlow Technologies, which Tinicum recently acquired, under common ownership. The consortium said this combination will provide complementary exposure to aerospace businesses and additional earnings resilience.

The acquisition is conditional on approval by shareholders and will be implemented by means of a court-approved scheme of arrangement under Part 26 of the Companies Act. The scheme documents are expected to be published within 28 days.

Senior Chairman Ian King said the offer gives shareholders the opportunity to realize cash value immediately, at an attractive enterprise value multiple. Senior Chief Executive Officer David Squires said the offer recognizes Senior’s quality, its employees, products, and growth outlook.

This article was translated with the assistance of AI. For more information, please see our Terms of Use.