Aggreko, one of the world’s largest suppliers of portable power generators, has agreed a private equity takeover worth £2.3bn.

The acquisition at 880p per share represents a substantial 39pc premium to Aggreko’s 645p closing price when the deal was first announced last month.

The swoop for the London-listed company comes from a consortium led by Britain’s TDR Capital – which is buying Asda with the billionaire Issa brothers – and Florida-headquartered infrastructure fund I Squared Capital.

It will join the long list of UK-quoted companies that have fallen into the hands of private equity firms in recent months after the pandemic wreaked havoc on many industries.

Other companies to be snapped up by private equity firms include, G4S, Signature Aviation and the AA. Pub chain Marston’s received an offer but it rejected it.

Chairman Ken Hanna, a City veteran, said: “The Aggreko board believes that the offer from I Squared Capital and TDR Capital represents an attractive price in cash that fairly recognises Aggreko’s future prospects.

“We believe that the business, its people and customers will continue to be well supported with I Squared Capital and TDR Capital as shareholders bringing their expertise in energy and rental markets to support our existing strategy.”

The deal is expected to close during the summer, subject to investor and regulatory approval.

Meanwhile Adil Rahmathulla of I Squared Capital, said: “Aggreko is a global market leader in delivering bespoke temporary power solutions to its customers and has clearly shown it has a strategy to complete its journey towards a net-zero emission business.

“The urgency to deliver on that transition has only increased in the post-Covid environment. Repositioning Aggreko fast enough to truly capitalise on these trends and rapidly shifting customer demand requires significant investment in clean technology and a step change in the pace of transformation.”

Analysts at Peel Hunt said: “We see this as a full offer and recommend its acceptance. Despite some speculation we do not foresee a competing offer emerging.”

Shares rose 1.3pc to 900.4p in early trading.