Osmond in talks for APR
HUGH Osmond, the co-founder of Pizza Express and Punch Taverns, is poised to buy a controlling stake in US power supply firm APR Energy.
The City financier is in advanced talks with funds backed by George Soros, the US hedge fund billionaire, and Madeleine Albright, former US secretary of state, over a purchase.
Osmond will reverse APR into his Horizon Acquisition cash shell, the investment vehicle he listed last year, in a deal valued at about $850m (£523m).
The deal is expected to be revealed as early as today.
Osmond will pay $350m in cash and the rest in shares to take a 60 per cent stake in APR.
Albright and Soros, through his Quantum Strategic Partners vehicle, took a majority stake in APR worth $250m, based on a summer 2010 valuation. They will hold 30 per cent in the company, whilst management will hold the remaining 10 per cent.
APR provides emergency power generators to developing nations, although places second in the world to FTSE 100-listed Aggreko.