Investec advises ITE on £300m acquisition and associated £265m rights issue

11 Jul 2018

Investec acts as sponsor, financial adviser, joint broker, joint bookrunner and lead underwriter, demonstrating balance sheet capability for mid-market transactions.

Investec has supported ITE’s £300m acquisition of Ascential Plc’s exhibition business and associated £265m rights issue, raising funds for the transaction and providing a £315m standby underwrite in May 2018, before launching a £265m rights issue later in June. The rights issue was completed on 11 July 2018, following a strong take up from ITE’s institutional shareholder base.
 
Andrew Pinder, Head of Investment Bank at Investec, commented:
 

“We are pleased to have supported our new client, ITE, allowing them to progress with speed and certainty during the M&A process.  The team provided M&A and financial advice, successfully leading the associated equity fundraising, including committing our balance sheet with a £315m standby underwrite on a sole basis. 

“We have worked on a number of transformative M&A and capital raising transactions this year, totalling £16bn in transaction value.  Supporting client needs through our breadth of integrated investment banking services enables us to hold a leading position in the mid-market across sectors internationally.” 

 
The deal is the latest in a string of high-profile M&A and ECM transactions that Investec has advised on this year. Deals include Melrose’s £8.1bn takeover of GKN, GVC’s £4bn takeover of Ladbrokes Coral Group, Cineworld’s £4.2bn acquisition of Regal Entertainment and a €340m acquisition by Dechra.

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