Van Elle Holdings has agreed to a £58.8 million (US$79 million) takeover by construction group Strabag. Following the announcement, Van Elle’s shares surged by 55% to 51.01 pence in London trading. The Nottinghamshire-based contractor accepted a cash offer of 52.3 pence per share, representing a premium of roughly 59% to its previous closing price of 33.0 pence. The acquisition is being carried out by Strabag UK Ltd, an indirect wholly owned subsidiary of Vienna-headquartered Strabag SE.

The takeover is anticipated to be completed by the end of June 2026, with Van Elle Holdings confirming that it does not plan to issue dividends or return capital to shareholders before the transaction is finalised. The deal is still conditional on shareholder approval and court sanction. Strabag has secured irrevocable commitments backing the acquisition from key investors, including Rockwood Strategic PLC, managed by Harwood Private Capital LLP, and NR Holdings Ltd, together holding a 17.6% stake. In addition, Otus Capital Management and Peter Gyllenhammar AB, which collectively own 26.1%, have also agreed to support the transaction.

Overall, shareholders representing approximately 45% of Van Elle’s share capital have committed to vote in favour of the proposed acquisition.