Carlyle and Macquarie will acquire all of the ordinary shares in Redflex for $2.74 per share, a 20.5% premium to Redlfex’s last traded price on 18 February 2011.
Headquartered in South Melbourne, Australia and predominantly based in the US, Redflex manufactures and operates highway safety equipment.
Carlyle managing director David Stonehill said they are pleased to partner with the Redflex management team and Macquarie on this remarkable road safety company, which has a demonstrated track record of financial and operating success in its core markets.
Carlyle managing director and head of Carlyle Growth Partners III Brooke Coburn said Redflex is a great fit with Carlyle investment strategy. Redflex offers significant global growth opportunities, particularly in the US, Europe and the Middle East where there is a growing appreciation for the safety that red-light cameras provide.
The board of Redlfex has unanimously recommended the latest proposal.
The transaction is subject to shareholder and regulatory approval and expected to close in June 2011.
