LONDON: Shareholders of British automotive software company Pinewood Technologies on Friday approved a £545 million ($721.14 million) takeover by US private equity firm Ridgeview Partners.
A total of 99.76% of votes cast at the shareholder meeting supported the deal.
Pinewood’s board recommended Ridgeview’s offer in August. The deal values the company at £4.48 per share in cash.
The takeover is expected to become effective on October 9.
Pinewood Attracts Private Equity Interest
Pinewood is the latest London-listed technology company to attract interest from private equity firms.
Buyout firms have increasingly targeted UK-listed companies that they consider undervalued.
Pinewood provides cloud-based software for car dealerships and vehicle manufacturers.
Its platform helps businesses manage vehicle sales, customer relationships, repairs and accounting.
Apax Previously Made Offer
Ridgeview’s deal follows earlier interest from private equity firm Apax Partners.
Apax approached Pinewood in January with an offer valuing the company at 500 pence per share.
However, Apax withdrew its proposal in February. The firm cited challenging market conditions for its decision.
Pinewood shares have gained around 24.16% since the start of 2026.
The Ridgeview transaction will now move towards completion, subject to the remaining steps required before it takes effect on October 9.
