By Adria Calatayud

Premier Technical Services Group PLC (PTSG.LN) said Thursday that it has agreed to be bought by Australian investment bank and asset manager Macquarie Group Ltd. (MQG.AU) in an all-cash deal that values the target at 265.3 million pounds ($332.6 million).

The offer price values the U.K. provider of specialist services at 210.1 pence a share, more than doubling its Wednesday closing price of 87 pence. The offer prices reflects a final dividend of 0.9 pence a share declared by PTSG prior to the offer.

The PTSG board, which has been advised by KPMG, considers the terms of the acquisition to be fair and reasonable, the company said.

"Against the backdrop of an increasingly competitive market for acquisitions, with a need to close deals quickly and fund them effectively, I believe that Macquarie's deep access to funding will better position PTSG to continue with its acquisitive growth strategy," PTSG Chairman John Foley said.

Write to Adria Calatayud at adria.calatayudvaello@dowjones.com

(END) Dow Jones Newswires

June 20, 2019 02:51 ET (06:51 GMT)

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