Ember to Take Ashtead Technology Private in £505 Million Deal

Ember Infrastructure Management has agreed to buy Ashtead Technology Holdings for approximately £505 million in cash, paying 615 pence per share — an 80.9% premium to the subsea technology company's closing price of 340 pence on September 22, 2026, the last business day before the offer period began.

The premium doesn't soften from there. The offer sits roughly 59.3% above Ashtead Technology's three-month volume-weighted average share price and 60.2% above its 12-month volume-weighted average through September 22. That's the kind of number that ends arguments about whether to sell.

The transaction will run through Pine Acquisition UK Bidco Limited, a vehicle controlled by funds managed and advised by Ember and its affiliates. Ashtead Technology's board unanimously intends to recommend shareholders vote in favour. Implementation comes via a court-sanctioned scheme of arrangement, with closing expected in late fourth-quarter 2026 or early first-quarter 2027, subject to shareholder approvals, court sanction and customary conditions.

What does this change for shareholders?

They get a clean exit at a price the board itself says beats the alternative. Chairman Bill Shannon said:

"The board believes that the Acquisition recognises the strength of the Ashtead Technology Group and provides shareholders with a compelling opportunity to realise significant value today when compared with the risk-adjusted return that would be expected to be delivered through the execution of Ashtead Technology's standalone strategy. Accordingly, the Ashtead Technology Board intends to recommend that shareholders vote in favour of the Acquisition."

Shannon also called Ashtead Technology "a market leader in the subsea technology sector, operating a high quality business led by a proven and experienced management team with a strong track record of execution," noting the group had "demonstrated resilience despite the market and geopolitical backdrop."

The business behind the bid

Ashtead Technology supplies subsea technology solutions to the global offshore energy industry. It operates from 13 facilities in major energy hubs and runs a fleet of more than 30,000 assets supporting installation, inspection, maintenance, repair and decommissioning of subsea infrastructure.

The strategic hook for a buyer: roughly 85% of that equipment fleet can deploy across both offshore oil and gas infrastructure and offshore renewable energy projects. In an era when energy investors want optionality on both hydrocarbons and the transition, that dual-use fleet is the asset.

The company has delivered since its November 2021 IPO. Revenue climbed from £55.8 million in 2021 to £203.2 million in 2025 — nearly a fourfold increase in four years. Adjusted EBITA grew from £13.7 million to £59.1 million over the same period, more than quadrupling.

Who is Ember, and how is the deal funded?

Ember is a New York-based private equity firm founded in 2018 by former members of Global Infrastructure Partners' investment team. It focuses on infrastructure-related businesses and held more than $2 billion in regulatory assets under management as of September 30, 2026.

Funding comes from equity provided by Ember funds — including a passive co-investment from CalPERS and its affiliates — plus term loan financing.

Founder and Managing Partner Elena Savostianova said:

"Ashtead Technology has established itself as a category leader in subsea technology solutions through the depth of its technical expertise, the scale and breadth of its fleet, the strength of its service culture and its disciplined commitment to continuous improvement. We will support the Company in pursuing its current strategy with greater ambition and the support of additional long-term private capital. We look forward to continuing to invest in technology, and people as Ashtead Technology extends its capabilities and international reach."

Ember argues private ownership gives Ashtead Technology additional long-term capital and flexibility to accelerate organic growth, pursue acquisitions, expand geographically and invest in new products and services.

The advisory lineup

Santander is sole financial adviser to Ember and Bidco, with Weil, Gotshal & Manges as legal adviser. On the sell side, Deutsche Numis and Peel Hunt are joint financial advisers and joint brokers to Ashtead Technology, and Ashurst Perkins Coie acts as legal adviser.

If shareholders and the court sign off on schedule, Ashtead Technology leaves public markets by early 2027 — with an owner betting that more capital, spent privately, grows the subsea fleet faster than the public market would tolerate.