UK Temporary Power Group Aggreko to Take Major Step Towards US Public Market Debut at ~$20bn Valuation
Aggreko, the UK-headquartered company that supplies temporary power to events including Formula One motor racing and the Glastonbury music festival, will this week take a major step towards a US public market debut that could see it valued at around $20bn (£14.7bn), according to Sky News. Aggreko intends to file a registration statement for an initial public offering with US regulators in the coming days. The filing would not commit the company to a timetable, but it would allow it to pick its moment for a flotation at any point over the next 12 months. Aggreko is best known in the UK for its role powering large-scale live events and industrial operations. A valuation of $20bn would make it one of the more significant cross-border listings involving a UK-origin business in recent memory. Goldman Sachs, JPMorgan and Bank of America are leading the offering. Aggreko is owned by I Squared Capital and TDR Capital, which took it private from the London Stock Exchange in 2021 in a deal valuing it at £2.3bn.
Why this matters
A potential US listing by a UK-headquartered industrial group at a $20bn valuation signals continued appetite for cross-border capital market transactions despite volatile conditions. If completed, it would represent a significant outbound listing from the UK market at a time when London's competitiveness as a listing venue remains under scrutiny. The move also illustrates how UK companies with global operational footprints are increasingly weighing US public markets for their greater liquidity and investor depth. The registration statement has not been filed yet, and the filing itself sets no timetable, so the size and timing of any offering remain open.
On the Ground
A cross-border listing of this scale activates capital markets, securities regulation, and corporate governance practices simultaneously. Counsel on both sides of the Atlantic would be instructed on US securities law compliance (including SEC registration requirements), UK regulatory obligations, and any dual-listing mechanics. A trainee on this deal would assist with due diligence document management, drafting board resolutions, and coordinating disclosure schedules across jurisdictions. Goldman Sachs, JPMorgan and Bank of America are leading the offering.
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