The deal to change the ownership of Applegreen, which was unveiled in December, has been completed and major board changes have been announced.
Late last year its founders announced plans to take the company private as part of a consortium including B&J Holdings and Blackstone Infrastructure Partners.
B&J Holdings was already a 41.3% shareholder in Applegreen and represented the holdings of Applegreen’s founders, Bob Etchingham and Joe Barrett, who retain their current positions as CEO and COO.
Under the deal €5.75 in cash was offered for each Applegreen share, which valued the entire share capital of the company at approximately €718m (£635m).
The final stage in the takeover required the sanction of the High Court in Dublin, where the company is based, and this was granted on 9 March.
The transaction closed the following day and the listings of Applegreen shares on the Euronext Growth Market by the Irish Stock Exchange and on AIM by the London Stock Exchange was cancelled on 11 March.
Following completion of the deal, Applegreen confirmed the resignation of Daniel Kitchen, Howard Millar, Brian Geraghty, Martin Southgate and Niall Dolan as directors of the company and the appointment of Greg Stamas and Sebastian Sherman as directors in their place.