Senior plc (LSE:SNR) said Tuesday that its board has agreed to a recommended all-cash takeover by Zeus UK Bidco Limited, an acquisition vehicle backed by investment funds managed by Tinicum Incorporated and Blackstone Inc.
Under the proposed transaction, Senior shareholders will receive 300 pence per share, made up of 297.85 pence in cash and a final dividend of 2.15 pence for the 2025 financial year. The cash component represents a 36.6% premium to the company’s six-month volume-weighted average share price and a 2.8% premium to the closing price of 289.80 pence recorded on Wednesday.
The offer values Senior’s total issued share capital at about £1.28 billion on a fully diluted basis and implies an enterprise value of roughly £1.40 billion. The valuation equates to around 15.2 times the company’s adjusted EBITDA and 22.0 times its adjusted operating profit for the year ended December 31, 2025.
Senior’s board, which received financial advice from Lazard, said it considers the terms of the transaction fair and reasonable and intends to recommend that shareholders approve the deal at both the court meeting and the general meeting. Directors have already committed to vote in favor of the proposal with their combined holding of 2,620,740 shares, representing approximately 0.6% of the company’s issued share capital.
Zeus UK Bidco has also secured an irrevocable undertaking from Alantra to support the scheme with its holding of 72,307,009 shares, equivalent to around 17.2% of Senior’s share capital. Together with the directors’ shares, this brings total committed support for the transaction to approximately 17.9%.
The acquiring consortium plans to combine Senior with AeroFlow Technologies, a company recently acquired by Tinicum, under common ownership. According to the consortium, the integration would create complementary aerospace capabilities and strengthen earnings resilience.
Completion of the deal is subject to shareholder approval and will be carried out through a court-sanctioned scheme of arrangement under Part 26 of the UK Companies Act. The formal scheme document is expected to be issued within 28 days.
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