TDR Capital has made a cash offer to buy back-up power generator company Aggreko for 880p per share.
TDR Capital, along with US private equity firm I Squared Capital, have made a series of proposals to buy Aggreko.
Aggreko, which supplied power generators to Glastonbury and the London2012 Olympics, saw its share price rocket 33 per cent on the news.
Read more: Aggreko results in line with last year with a good outlook going forward
The private equity firms, acting together, have until 5pm on 5 March 2021 to announce a firm intention to make an offer on the business.
Last year represented a boom year for private equity acquisitions, and the trend shows no sign of slowing down in 2021.
The total value of UK listed companies taken private by private equity firms increased from £2.3bn to £21.1bn in 12 months to 30 September 2020, research compiled by BDO found.
Read more: Private equity deal activity bounces back in second half of 2020
Listed companies in the technology, financial services and advanced engineering sectors appeared to have been the most targeted by private equity firms in the last year.
Six of the 25 businesses taken over were in the technology industry, with a further five belonging to the financial services sector.