10th Dec 2020 16:49
(Alliance News) - Electrocomponents PLC on Thursday said it has raised GBP180 million through a placing and retail offer, which will go towards funding the acquisition of Synovos and Needlers.
The FTSE 250 listed distributor of industrial and electronic products issued 21.5 million shares at a price of 825 pence each, through a placing and Primarybid.com offer. The price reflected a premium of 1.2% to Wednesday's closing price of 815.5p.
Shares in Electrocomponents closed up 3.2% at 841.50 pence on Thursday in London.
Earlier on Thursday, the group had reached an agreement to acquire Synovos, an integrated supply solutions in the Americas, and has acquired Needlers, a UK provider of safety products and PPE, for a total consideration of about GBP150 million on a debt-free, cash-free basis.
The Synovos deal will cost about GBP110 million, while Electrocomponents has agreed to pay GBP40 million for Needlers.
Following the issue, Electrocomponents now has 469.9 million shares issued overall.
By Dayo Laniyan; [email protected]
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