Network International Holdings PLC (LSE:NETW) has accepted a £2.2bn bid from Brookfield Asset Management (TSX:BAM.A) Ltd.
The offer from the Canadian asset manager values each Network share at 400p, implying an enterprise value multiple of around 15.7 times EBITDA for the financial year ended 31 December 2022.
Network said it considers the terms “fair and reasonable” and will recommend shareholders accept the offer, while Brookfield said it considers Network to be a strong strategic fit.
Shares in Network rocketed in April after a 387p per share bid proposal from a consortium comprising CVC Advisers and Francisco Partners Management.
But Brookfield trumped this days later with a 400p per share approach, the terms of which have now been agreed.
Brookfield is a leading global alternative asset manager with more than US$825bn of assets under management across real estate, infrastructure, renewable power, private equity and credit.