By Adria Calatayud
Investor FTV Capital reached an agreement to buy Windward for 216 million pounds ($270.8 million), in a deal that aims to expand the maritime-intelligence company's offering under private ownership.
FTV agreed to pay 215 pence in cash for Israel-registered, U.K.-listed Windward, the companies said Tuesday. This represents a 47% premium to Windward's closing price Monday.
Windward's independent directors said they believe the proposal received from the investment fund is attractive to the company's shareholders. The proposal is likely to be more advantageous for the business than remaining listed on London's junior AIM market, given that the acquisition is expected to provide it with greater access to the capital needed to fund its expansion, according to Windward's independent directors.
Meanwhile, FTV said it sees an opportunity to turn Windward into a broader supply-chain analytics provider from its current position within the maritime sector. The fund said it is confident in the future prospects of Windward's business and that moving to private ownership is in its long-term interest.
Write to Adria Calatayud at adria.calatayud@wsj.com
(END) Dow Jones Newswires
December 24, 2024 02:43 ET (07:43 GMT)
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