12th Nov 2014 07:57
LONDON (Alliance News) - Essentra PLC on Wednesday said it will buy the specialist packing arm of Clondalkin Group in a USD455 million deal and said it will issue shares to cover part of the consideration due.
Essentra will place up to 9.99% of its existing ordinary share capital to cover part of the consideration on the deal. Under the programme, it will issue up to 23.7 million shares via an accelerated bookbuilding process. The placing is set to raise a total of GBP160 million, meaning the shares will be placed at around 675 pence per share.
Clondalkin, which provides secondary packaging products for the pharmaceutical and healthcare industries, is owned by an affiliate of US private equity house Warburg Pincus LLP.
Essentra expects to complete the deal in the first quarter of 2015.
By Sam Unsted; [email protected]; @SamUAtAlliance
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