Thu, 16 Jan 2020 | MERGER
The proposed merger of listed companies Northgate and Redde has been approved by the two companies’ respective shareholders. The proposed merger was first mooted in November 2019.
Northgate is a hire business for light commercial vehicles, operating in the UK, Ireland and Spain. UK-based Redde provides accident and incident management and legal services for motorists.
The resolutions regarding the merger were put forward at the two companies’ general meetings. Shareholders agreed to back a name change, the adoption of the Northgate Value Creation Plan, as well as an amended directors’ remuneration policy.
Once completed, the merger will see the incorporation of a new entity: Redde Northgate. The Redde Northgate board will include non-executive directors from both firms.
John Davies, interim non-executive chairman of Redde, said: "Redde's board is pleased that shareholders of both Redde and Northgate today approved the proposed merger of the two companies.”
"Completion of the proposed merger remains subject to regulatory approvals and a final court hearing but is still expected to take place in the first quarter of 2020."
For the year ending June 2019, Northgate generated £589.7 million in revenue, with earnings before interest and £49.6 million.
Charles Harman, James Robinson and Wendy Hohmann of JP Morgan acted as financial advisers to Redde. Giles Balleny and Nick Wells of Cenkos Securities acted as Redde’s nominated advisor and joint broker.
This high-margin IT Staff Augmentation and SAP Consultancy firm offers a unique acquisition opportunity with its rapidly growing operations and extensive expertise in SAP, DevOps, and Data Engineering.
This specialist textile care platform offers a unique position in the market by bridging the gap between industrial-scale providers and independent high street operators.
This is a leading independent vehicle repair and servicing business with over 35 years of trading history, known for its exceptional reputation in the local area.
Please choose your settings for this site below. For more information please read our Cookie Policy
These cookies are necessary for our website to function properly and provide you with access to all features.
These are analytics cookies that help us to improve the way our website works.
These are used to improve the functional performance of the website and make it easier for you to use.