FTSE 250 company Ashtead Group PLC is the subject of bid rumours. The company, which hires out equipment to the construction industry, appointed Rothschild earlier this year to sell off its oil and gas-focused division. The whole company is now believed to be in play, with CCMP Capital, the former private equity business of JPMorgan Chase, reported to be lining up a £584m (€738m) takeover bid.
Meanwhile, the divestment of Ashtead’s oil and gas arm Ashtead Technology Rental is nearing completion, with UK buyout groups Phoenix Equity Partners, Barclays Private Equity and LDC believed to be submitting final offers in the region of £100m.
Cinven and Warburg expand Ziggo
T-Mobile is believed to have struck a deal to sell part of its Dutch fixed-line broadband unit to newly formed internet service provider Ziggo. Ziggo is co-owned by Cinven and Warburg Pincus and was created from the merger of three cable TV companies, Casema, Multikabel and Essent Kabelcom. Ziggo confirmed reports that it was interested in the 140,000 customers that receive broadband by cable, who T-Mobile is trying to offload. T-Mobile acquired the unit when it bought Orange Netherlands in 2007 for €1.3bn.
Arcapita frontrunner for Freightliner
The UK’s leading rail logistics company is reported to be close to being acquired by Bahrain-based investment bank Arcapita. Freightliner is being sold by 3i and Electra Capital Partners for around £350m (€442m). The two investors have held a 76% stake in the business since 1996. This will be Arcapita’s first UK investment since 2006, when it acquired Northern Ireland electricity company Viridian for £1.62bn.