Ember Infrastructure Management has reached an agreement to acquire Ashtead Technology Holdings in a recommended cash transaction valuing the subsea technology company at approximately £505 million on a fully diluted basis.
The acquisition will be completed through Pine Acquisition UK Bidco Limited, a company controlled by funds managed and advised by Ember and its affiliates. Under the terms of the proposed transaction, Ashtead Technology shareholders will receive 615 pence in cash for each share they own.
The acquisition price represents an approximately 80.9% premium to Ashtead Technology’s closing share price of 340 pence on September 22, 2026, the last business day before the offer period began. It also represents premiums of approximately 59.3% to the company’s three-month volume-weighted average share price and 60.2% to its 12-month volume-weighted average share price through September 22.
Ashtead Technology’s board unanimously intends to recommend that shareholders approve the transaction. The acquisition is expected to be implemented through a court-sanctioned scheme of arrangement and is currently expected to close in late fourth-quarter 2026 or early first-quarter 2027, subject to shareholder approvals, court sanction, and other customary conditions.
Ashtead Technology provides subsea technology solutions to the global offshore energy industry. The company operates from 13 facilities located in major energy hubs and maintains a fleet of more than 30,000 assets supporting the installation, inspection, maintenance, repair, and decommissioning of subsea infrastructure.
Approximately 85% of its equipment fleet can be deployed across both offshore oil and gas infrastructure and offshore renewable energy projects.
Since its initial public offering in November 2021, Ashtead Technology has expanded through organic <a href="https://bitcomme.com/is-ai-power-demand-reset-altering-the-investment-case-for-vistra-stock/” title=”Is AI Power Demand Reset Altering The Investment Case For Vistra Stock?”>investment and acquisitions. Revenue increased from £55.8 million in 2021 to £203.2 million in 2025, while adjusted EBITA grew from £13.7 million to £59.1 million over the same period.
Ember said private ownership would provide Ashtead Technology with additional long-term capital and flexibility to accelerate organic growth, pursue acquisitions, expand geographically, and invest in additional products and services.
The acquisition will be funded through equity from Ember funds, including a passive co-investment from CalPERS and its affiliates, together with term loan financing.
Ember is a New York-based private equity firm founded in 2018 by former members of Global Infrastructure Partners’ investment team. The firm focuses on infrastructure-related businesses and had more than $2 billion in regulatory assets under management as of September 30, 2026.
Santander is serving as sole financial adviser to Ember and Bidco, while Weil, Gotshal & Manges is serving as legal adviser. Deutsche Numis and Peel Hunt are serving as joint financial advisers and joint brokers to Ashtead Technology, with Ashurst Perkins Coie acting as legal adviser.
“Ashtead Technology is 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. In recent years, the Ashtead Technology Group has demonstrated resilience despite the market and geopolitical backdrop, continuing to deliver on its strategy, driven by rising global demand, cutting-edge technical capabilities and through the breadth of its longstanding customer relationships. Throughout this process, the board’s priority has been to ensure that the high quality of the Ashtead Technology Group and its prospects are fairly recognised in the terms of Ember’s cash offer. 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.”
Bill Shannon, Chairman Of Ashtead Technology
“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. Ember greatly admires the business that the team at Ashtead Technology has built, and we are proud to be partnering with them on the Company’s next phase of growth. 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.”
Elena Savostianova, Founder And Managing Partner Of Ember Infrastructure Management
