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Shares of Johns Lyng Group Ltd (ASX:JLG) surged up to 19% on Wednesday after the Australian building services company confirmed it received a non-binding takeover proposal from private equity firm Pacific Equity Partners (PEP). The proposal, announced via an ASX filing, outlines a plan to acquire 100% of Johns Lyng through a scheme of arrangement.
The bid, while still indicative, could see key executives including CEO and largest shareholder Scott Didier retain an equity stake post-acquisition. Although the exact financial terms remain undisclosed, the company confirmed that an independent board committee has granted PEP exclusive rights to conduct due diligence until July 11.
Following the announcement, Johns Lyng shares soared to A$3.015, their highest level since February, before easing slightly to A$2.91, still up 15% on the day. The stock’s sharp rise reflects strong investor optimism over the potential deal and the valuation it may imply.
Johns Lyng specializes in insurance-related property restoration and has been a notable player in Australia’s infrastructure and services sector. However, the company emphasized that there is no certainty the proposal will result in a finalized transaction.
If successful, this acquisition would further expand PEP’s footprint in the infrastructure and essential services space, reinforcing the firm’s strategic interest in resilient and scalable Australian businesses. Investors and analysts will be watching closely as PEP completes its due diligence and moves toward a potential binding offer in the coming weeks.
