Eleco Agrees to GBP207.6 Million Takeover Offer From Avocet Bidco

03:13 AM EDT, 09/10/2026 (MT Newswires) -- Eleco (ELCO.L) said Thursday that it agreed to the terms of a recommended cash acquisition by Avocet Bidco, a newly formed company indirectly wholly owned by funds managed and advised by Accel-KKR and its affiliates. Avocet Bidco is offering 2.35 pounds sterling in cash for each Eleco share, valuing the software company's entire issued and to be issued ordinary share capital at 207.6 million pounds. The acquisition will be carried out through a court-sanctioned scheme of arrangement. Eleco said its directors plan to unanimously recommend that shareholders vote in favor of the scheme. The offer already secured irrevocable undertakings and letters of intent from shareholders representing 45.2% of Eleco's shares. Closing of the deal is expected during or before the first quarter of 2027, subject to the satisfaction or waiver of certain conditions.