Company reaches agreement on £888.9m bid with Henderson Equity Partners

John Laing has confirmed that it has reached agreement on a £886.9m takeover bid from Henderson Equity Partners.

Henderson has received irrevocable undertakings and non-binding letters of intent in favour of the deal representing 23.7% of Laing’s ordinary share capital. Ordinary shares are valued at 355 pence each.

William Forrester, chairman of Laing, said: “Combining Laing's operational skill base with Henderson Equity Partners' financial capacity should help to ensure Laing's continued development in the UK and underpin its expansion into overseas markets.”

Paul Woodbury, Partner of Henderson Equity Partners, said: “We are delighted that the Laing Directors have decided unanimously to recommend the proposals to Laing's shareholders. Henderson Equity Partners' considerable experience in global PFI/PPP markets combined with the specialist infrastructure funds that it manages place Laing in a stronger position to fund the significant capital investment required to realise its growth potential.”

The parties said the deal could be concluded by the end of January.