Senior plc has agreed to a £1.39bn takeover bid from a consortium comprising Blackstone and Tinicum.

Under the agreement, shareholders in the UK-based engineering and manufacturing company will receive £2.97 in cash and a final dividend of 2.15p for every share held in Senior.

The deal represents a 2.8% premium on Senior’s closing share price on 2 April, with an enterprise value represents a multiple of 15.2 times the firm’s adjusted earnings for the year to 31 December 2025.

Other than the 2025 final dividend, Senior shareholders shall not receive any dividend, distribution or other return of value.

The consortium of Blackstone and Tinicum said it has a strong track record of investing in, supporting and improving highly engineered aerospace and industrial components businesses, following its recent acquisition of TriMas Aerospace.

It added that its broader sector footprint, active operating engagement and experience across aerospace programmes would support Senior in strengthening its customer relationships and reinforce its strategic relevance.

Furthermore, the consortium believes the UK firm would benefit from the flexibility available under private ownership to pursue targeted organic and inorganic growth opportunities without public market expectations.

Directors at Senior intend to recommend unanimously that shareholders vote in favour of the scheme.

Chief executive officer at Senior, David Squires, said: "Senior is delivering on its strategy and is firmly on track to meet the medium-term financial targets announced in March 2025. Our focus remains on serving our customers with great performance, delivering highly engineered products that fully meet their needs.

"I would like to recognise the exceptional contribution of my colleagues - their talent, commitment and innovation continue to drive our success. The next chapter of Senior's development will further fuel their ambition and provide new opportunities.

"BidCo's offer recognises the quality of Senior, our talented people, our extensive breadth of products and capabilities and our strong growth prospects. In view of the intentions set out today, the Board has confidence that BidCo is committed to the growth of the Senior business, the continued focus on satisfying our customers, and the accelerated delivery of our strategic objectives."

The consortium concluded: "Senior is a highly regarded engineering company with compelling technical capabilities and deep, longstanding customer relationships. As long-term investors in both aerospace and industrial sectors, the Consortium has conviction in Senior and its growth potential. The breadth of our platform, coupled with significant operational expertise and access to long-term capital, puts Senior in a strong position to capitalize on the opportunities ahead."

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