Shares in Pinewood Technologies (PINE) motored higher 23.5% to 475.8p on confirmation the automotive software provider is in talks with private equity group Apax Partners over a possible cash offer pitched at 500p.
| Share price: 475.8p | PE: 40.8 |
| Market cap: £444m | Yield: n/a |
A £575.5 million takeover would see Pinewood disappear from the London stock exchange less than two years after it a spin-out from automotive retailer Pendragon. This separation followed the sale of Pendragon’s UK Motor and Leasing divisions to Lithia Motors (LAD:NYSE), a North American dealerships giant.
Apax on the prowl
In a response to press speculation, Pinewood’s board said it ‘would be minded’ to recommend an offer at 500p to shareholders. Under the City’s takeover rules, Apax now has until 26 February to make a firm offer or walk away.
The possible offer follows ‘a number of earlier approaches’ from Apax to the board, said the company. Pinewood Technologies said as an alternative to receiving cash, the offer will include an unlisted partial share alternative.
Pinewood primer
Trading as Pinewood.AI, the company offers a cloud-based automotive intelligence platform to car dealerships. The group has long-standing partnerships with over 50 OEM brands around the globe.
Revenue motored 21.7% higher to £19.6 million in H1 to June 2025 and Pinewood set out a new FY28 underlying EBITDA target. It now sees EBITDA of £58 million to £62 million, ‘underpinned by strong visibility from existing contracts and a significant pipeline of opportunities’.
It would be a shame to see Pinewood depart from the London market, which has few world-leading technology companies anymore.
As a standalone business, Pinewood is primed for rapid growth and the acquisition of tech firm Seez has only enhanced its AI capabilities. Investors can only hope news of Apax’s interest flushes out higher bids.
Read the press release here: https://pinewood.ai/investors/
You might also like these stories:
