US private equity firm Ember agrees £505 million takeover of subsea equipment company Ashtead Technology

New York-based private equity firm Ember Infrastructure Management has agreed to buy London-listed Ashtead Technology Holdings for about £505 million in cash, the two companies announced on Wednesday 21 October.

Ashtead Technology shareholders will receive 615 pence a share. That is an 80.9% premium to the closing price of 340 pence on 22 September 2026, the last business day before the offer period began, the announcement said. Ashtead Technology’s directors said they intend to recommend the offer unanimously.

Ashtead Technology rents equipment and provides services used to install, inspect, maintain and decommission subsea infrastructure for offshore oil, gas and wind projects. It reported revenue of £203.2 million in 2025.

The company said it had received four indicative proposals from Ember before agreeing to engage. It said its markets had been affected by US tariffs, a slowdown in US offshore wind work and the conflict in the Middle East, which led some projects to be postponed into 2027.

“Ember greatly admires the business that the world-class team at Ashtead Technology has built,” said Elena Savostianova, Ember’s founder and managing partner. Chairman Bill Shannon said the offer gave shareholders “a compelling opportunity to realise significant value today”.

Ember said it does not intend to make material cuts to headcount. The deal will be funded partly by equity from Ember funds, including a co-investment by the US pension fund CalPERS, and partly by a term loan. It needs approval by shareholders and the court and is expected to complete in late 2026 or early 2027.