Bridgepoint Group, a private equity firm, has announced its plans to acquire infrastructure specialist Energy Capital Partners Holdings and its affiliated entities. The deal, valued at 835 million pounds ($1.05 billion), will make Bridgepoint Group a global private markets asset manager with a total enterprise value of 57 billion euros ($61.11 billion).
The transaction, subject to shareholder approval, is expected to close within four to six months. The enterprise value for Energy Capital Partners will consist of 235 million newly issued Bridgepoint shares, GBP233 million in cash, and GBP179 million of ECP’s existing debt.
After the completion of the acquisition, the combined group will appoint William Jackson as the Chairman of the Bridgepoint Group board, while Raoul Hughes, the Group Managing Partner of Bridgepoint, will take on the role of Chief Executive from October 1.
Senior Partner Doug Kimmelman and the existing leadership team of Energy Capital Partners will continue to lead the company under its current brand within the combined group’s executive leadership.
Following the successful completion of the existing share-repurchase program, a further GBP50 million program is expected to start, taking into account the enlarged company’s fundamental value and prospects.
Shares of Bridgepoint Group were up 2.9% at 180.0 pence as of 0901 GMT.