ASX-listed EQT has cut a $135 million deal to acquire Insignia Financial’s Australian Executor Trustees, and will fund it with a $125 million equity raising.
Stockbrokers Barrenjoey and Ord Minnett launched the raising on Monday morning, after a few days lining up early backers.
The raising was split into a $40.4 million placement and $84.6 million rights issue, both underwritten at $24 a share.Proceeds would be used to partially fund EQT’s acquisition of AET and associated transaction and integration costs, according to terms sent to fund managers on Monday morning. The rights issue was non-renounceable and one a one-for-six basis, accelerated for institutional investors.co-edits Street Talk, specialising in private equity, investment banking, M&A and equity capital markets. He has 10 years' experience as a business journalist and worked at PwC, auditing and advising financial services companies.
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