British tycoon close to buying APR Energy: reports

12th June 2011, Comments 0 comments

A British tycoon is on the verge of buying a power firm owned by investor George Soros and a private equity firm run by former US Secretary of State Madeleine Albright, reports said Sunday.

Hugh Osmond, who has built up some of Britain's best-known companies, is in advanced talks about a $850 million (590 million euro) deal to buy APR Energy, one of the world's biggest supplies of power generators.

The Sunday Times and the Sunday Telegraph said Osmond's Horizon investment vehicle would take a 60-percent stake in APR, which ranks second to Aggreko in the global temporary supply market.

Soros and Albright's Albright Capital Management would retain about 30 percent.

APR runs a fleet of gas- and petrol-fired generators that are large enough to substitute for a small power station.

Osmond made his name as co-founder of the Pizza Express restaurant chain and the Punch Taverns chain of pubs.

© 2011 AFP

0 Comments To This Article