John Laing Group PLC (LON:JLG) has agreed a takeover price of 403p per share with private equity group KKR.
It is a premium of 27% to the FTSE 250-listed group’s closing price on 5 May, the day before it announced that it was in discussions with KKR.
READ: John Laing could get offer around 384p predicts broker
It values the infrastructure investor at £2bn and it is recommended unanimously by its board.
KKR said that John Laing has an attractive, established portfolio of infrastructure assets and a platform with significant expertise and growth potential.
The private equity firm has agreed to partner with Equitix, an experienced infrastructure investor, to jointly own John Laing's existing portfolio.
Once the acquisition is completed, Equitix will acquire 50% of John Laing’s assets though it will still be managed by the original team.
Shares surged 11% to 401.1p on Wednesday morning.