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.
The company was Established in 1982, providing an honest and reliable service at all times, and is proud to be recognised as a highly reputable Car Garage in Maidstone. Providing car servicing to all makes and models of vehicles such as: Dent removal...
LEASEHOLD
An impressive opportunity has arisen to acquire a well-established, highly profitable Heathrow UK-based importer and distributor of Fast Moving Perishable Goods, supplying a niche market. 20 years of trading history. Exclusive UK distribution rights....
Leading independent domestic and commercial contract cleaners, also undertaking some laundry services, operating throughout Exeter, East Devon, Devon/Dorset borders and surrounding areas. Operating from centrally positioned easily accessible premises...
LEASEHOLD
|
04
|
|
Jun
|
Frankie & Benny’s owner to permanently close 120 restaurants | BUSINESS NEWS
The Restaurant Group, which owns chains including Frankie & ...
|
03
|
|
Jun
|
28 Oddbins stores saved after acquisition by unnamed buyer | BUSINESS SALE
28 Oddbins stores will remain open after the off-licence ret...
|
02
|
|
Jun
|
Topps Tiles agrees sale and leaseback of HQ and warehouses | COMMERCIAL PROPERTY
Tile retailer Topps Tiles has agreed the £18.1 million...
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