Inactive Instrument

Crestchic

NBI

GB00B0SPFW38

Crestchic's takeover by Aggreko clears another hurdle

February 15, 2023 at 01:06 pm EST

(Alliance News) - Crestchic PLC on Monday said the agreed GBP122 million takeover by Aggreko has cleared another hurdle.

One condition of the deal was confirmation that no action will be taken under the UK National Security and Investment Act 2021 which would prevent completion of the takeover.

AIM-listed Crestchic and buyer Aggreko confirmed that the NSIA condition has now been satisfied.

A court hearing to sanction the deal is expected on February 20 with the effective date of the takeover expected to be February 22.

Crestchic floated in 2006 and specialises in hiring and selling specialist power reliability equipment.

By Jeremy Cutler Alliance News reporter

Comments and questions to newsroom@alliancenews.com

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Crestchic Plc is a United Kingdom-based company, which hires and sells specialist power reliability equipment. The Company's product range comprises a range of loadbanks and transformers, and depots, offices or agents in the United Kingdom, the United States of America, The Middle East, Belgium, Germany, France, Singapore, China and South Korea, Northbridge with a global customer base. This includes utility companies, renewables, the oil and gas sector, data centers, shipping, banking, mining, construction and the public sector. The Company operates through two segments. The Crestchic Loadbanks and Transformers segment is involved in the manufacture, hire and sale of loadbanks and transformers. The Tasman Drilling Tools segment is involved in the hire and sale of oil tools. Its subsidiaries include Crestchic Ltd, Northbridge (Middle East) FZE, Northbridge Transformers NV, Crestchic France S.A.S., Northbridge Australia Limited, Loadbank Hire Services Limited and other.

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Crestchic's takeover by Aggreko clears another hurdle

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