Pacific Equity Partners → SG Fleet Group
completedPacific Equity Partners agreed to take ASX-listed fleet management and leasing company SG Fleet Group private via a scheme of arrangement, in what was reported as the largest announced take-private deal of 2024, with an enterprise value of around A$1.4 billion.
PEP viewed SG Fleet's fleet management and novated leasing business as a stable, cash-generative platform with growth potential outside the pressures of public markets.
SG Fleet's board backed the offer after PEP's cash bid of A$3.50 per share represented a substantial premium (around 31%) to the pre-bid closing price, delivering certain value to shareholders.
SG Fleet shares surged on news of the takeover approach, reportedly hitting a six-year high following the announcement.
Deal mechanics
Allens
Gilbert + Tobin
Scheme of arrangement, cash consideration of A$3.50 per share
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