Forecourt retailer Applegreen has announced the completion of the acquisition of UK forecourt operator Welcome Break.
The deal, worth €360 million, was first announced by Applegreen at the beginning of August, which resulted in the Irish operator holding a 50.01% stake in one of the leading motorway service area operators in the UK.
It will now be responsible for its strategy and operational matters of the UK group.
Early-Stage Assets
In the Admission Document, Applegreen stated that it and AIP had entered into discussions in relation to a further MSA asset which may be transferred by Applegreen to Welcome Break for additional equity in Welcome Break and a corresponding cash investment by AIP.
Further to this, the Company confirmed that, as part of the completion, a number of additional early-stage UK pipeline assets, including the additional MSA asset, have been transferred by Applegreen to Welcome Break alongside the Applegreen UK Business Transfer Assets.
The value attributed to these early-stage assets is approximately £7.6 million, and Applegreen will receive additional equity in Welcome Break on, or before, 31 December 2018 as consideration for the additional transfer.
AIP has a right to invest up to approximately £7.6 million into Welcome Break on or before 31 December 2018 in order to maintain its current shareholding of 49.99%.
© 2018 Checkout – your source for the latest Irish retail news. Article by Aidan O’Sullivan. Click subscribe to sign up for the Checkout print edition.
