19th Nov 2021 09:25
(Alliance News) - GB Group PLC on Friday said it raised GBP305 million to go towards the acquisition of Acuant Intermediate Holding Corp, a verification and identity fraud prevention business.
Chester, England-based GB offered 42.1 million shares at 725 pence each in a placing and retail offer. This raised GBP305 million, the digital identity and fraud prevention software company said.
GB Group shares were 17% lower at 724.00p each in London on Friday morning.
Announcing the plans on Thursday, GB said the cash will go towards its USD736 million acquisition of Acuant.
The deal creates a "global leader in identity verification and identity fraud prevention," GB said on Thursday. Acuant is headquartered in Los Angeles.
Following the placing, some of the remainder of the deal will be paid through the issue of new shares worth USD117 million.
A combination of about USD210 million will come from a partial drawdown against a new GBP175 million revolving credit facility, plus existing cash on balance sheet.
By Eric Cunha; [email protected]
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