UPDATE 2-APR Energy in buyout talks with largest shareholder

Mon Oct 5, 2015 8:15am EDT
Email This Article |
Share This Article
  • Facebook
  • LinkedIn
  • Twitter
| Print This Article | Single Page
[-] Text [+]

* Co in buyout talks with three-company consortium

* Co hit by contract terminations in Libya, Yemen

* Shares jump as much as 90 pct, top gainer on LSE (Adds details, background, updates shares)

By Esha Vaish and Aastha Agnihotri

Oct 5 (Reuters) - Power plant supplier APR Energy Plc is in talks to be bought out by a consortium that includes its largest shareholder after a year dogged by the loss of projects in war-torn regions.

APR's London-listed shares rose as much as 90 percent on Monday after the company revealed talks with a group comprising Fairfax Financial Holdings Ltd, ACON Investments LLC and Albright Capital Management LLC.

APR, which rents out turbines and generators to cover electricity shortfalls, had a market value of about 88 million pounds ($134 million) based on the roughly 94 million shares it had outstanding as of Friday's close.

Demand for temporary energy has risen in developing markets where utilities have been unable to keep pace with rapid economic growth, creating business for APR as well as larger rival Aggreko Plc.

But APR's particular focus on emerging markets has also left it exposed to conflict and political tension. The collapse of a major contract in Libya preceded the company's exit from Yemen in April, due to fighting there.   Continued...