US-based private equity company Apollo Global Management has successfully completed the acquisition of UK-based restaurant operator The Restaurant Group (TRG).
The takeover was executed by Rock Bidco, a special-purpose vehicle owned by funds managed by Apollo Global Management affiliates.
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The deal became effective after a scheme of arrangement was sanctioned by the Court of Session in Edinburgh.
It values TRG at £701m ($889.7m), Alliance News has reported.
TRG shareholders will receive 65 pence per scheme share in cash.
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In a regulatory announcement, TRG said: “TRG is pleased to announce that, following delivery of a copy of the court order to the registrar of companies, the scheme has today become effective in accordance with its terms and, pursuant to the scheme, the entire issued and to be issued share capital of TRG is now owned by Bidco.”
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By GlobalDataFollowing the deal’s completion, all TRG’s shares have been suspended from trading in London from 21 December 2023.
A complete cancellation will come into force from 22 December 2023.
The latest transaction will also bring significant changes to TRG’s operations and strategy.
TRG’s board has stepped down with immediate effect, including its chair, Ken Hanna.
TRG chief executive officer Andy Hornby and chief financial officer Mark Chambers will retain their positions.
Apollo Global Management’s private equity partner Alex van Hoek and private equity principal Eugenia Gandoy have joined TRG’s board.
Kirkland & Ellis International served as legal advisers to Apollo and Bidco for the deal, while Slaughter and May advised TRG.
The latest announcement comes almost a month after TRG received approval from its shareholders for a potential acquisition by Apollo Global Management.
93.5% of shareholders were in favour.
The Restaurant Group operates a number of restaurant chains and pubs across the UK, including Wagamama and Barburrito.
