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Altrad Investment to buy UK oil services firm Cape for 332.2 mln pounds
July 7, 2017 / 7:01 AM / 5 months ago

Altrad Investment to buy UK oil services firm Cape for 332.2 mln pounds

July 7 (Reuters) - French construction equipment maker Altrad Investment Authority said on Friday it agreed to buy UK oil services company Cape Plc for about 332.2 million pounds ($430.3 million) in cash.

The offer for 265 pence per Cape share represents a premium of 46.2 percent to the stock’s closing price of 181.25 pence on Thursday.

Altrad, which provides scaffolding and light construction services, said it would fund the deal via a loan from BNP Paribas SA and that Cape’s directors considered the offer “fair and reasonable”. ($1 = 0.7720 pounds) (Reporting by Sanjeeban Sarkar in Bengaluru; Editing by Amrutha Gayathri)

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