LONDON (dpa-AFX) - Apollo Global Management, Inc. (APO) announced on Thursday that it will acquire The Restaurant Group plc (RTN.L) or TRG through a special purpose vehicle, Rock BidCo Limited or Bidco in an all-cash transaction. The deal is valued around 506 million pounds with an enterprise value of 701 million pounds.
In September Restaurant Group's Chairman Ken Hanna had announced his intention to step down for personal reasons.
Apollo is buying TRG as it believes that the restaurant group is a high quality and leading company in the casual dining market with an attractive portfolio of concepts and brands along with an experienced management team.
Under the acquisition terms, each TRG shareholder will receive 65 pence in cash for each scheme share held. This represents 34 percent to TRG's closing share price of 48 pence per TRG Share on October 11 and 49 percent to the volume-weighted average price of 44 pence per TRG Share for the six-month period ended October 11.
'The Acquisition values TRG's entire issued, and to be issued, ordinary share capital at approximately 506 million pounds on a fully diluted basis, and implies an enterprise value of 701 million pounds and a multiple of approximately 9 times TRG's Adjusted EBITDA for the twelve months ended 2 July 2023,' the company said in a statement.
On Wednesday, Apollo shares closed at $89.29, down 0.56% on the New York Stock Exchange and Restaurant Group are currently trading at 66.12 pence up 36.77% in London.
Copyright(c) 2023 RTTNews.com. All Rights Reserved
Copyright RTT News/dpa-AFX
© 2023 AFX News
