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.
Extensively developed platform, generating a consistent stream of revenue from affiliate agreement commissions and contracted advertising packages. The company compares trading platforms operating in forex, stocks, crypto and commodities. Fully reloc...
RELOCATABLE
Specialist engineers providing a range of energy management services including the supply & maintenance of electricity billing meters energy reports & cost budgeting. Contracted to provide metering services on behalf of a major electricity distributi...
The business in run and managed by our client with the help of one full time office member of staff along with 3 full time engineers. Over the years the business expanded to include the supply and installation of pumps and pressurised systems, PH cor...
LEASEHOLD
|
07
|
|
Aug
|
Wrexham-based wire firm falls into administration | ADMINISTRATION
Wire manufacturer Wrexham Wire has fallen into administratio...
|
06
|
|
Aug
|
Leading UK tour operator Ski Weekends enters administration | ADMINISTRATION
One of the UK’s leading ski tour operators Harris Holi...
|
05
|
|
Aug
|
Pizza Express puts itself up for sale and looks to close 67 outlets | BUSINESS SALE
Pizza Express has announced that it is seeking a buyer for i...
Sign up to receive our acquisition alert emails to get your FREE guide
|
13
|
|
Sep
|
Northgate Managed Services (NMS) is up for sale with a numbe...
Business Sale Report is your complete solution to finding great acquisition opportunities.
Join today to receive:
All this and much more, including the latest M&A news and exclusive resources