Equiniti Details Rights Issue Terms to Fund Acquisition

By Carlo Martuscelli Features Dow Jones Newswires

Equiniti Group PLC (EQN.LN) on Tuesday set out the terms of a 122 million pound ($161 million) rights issue to fund its previously announced acquisition of Wells Fargo Share Registration & Services.

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The software provider is offering 64.3 million new shares at 190 pence each to shareholders on a 3-for-14 basis, giving shareholders the opportunity to buy three for every 14 held. The issue price is a 36% discount to Monday's closing share price of 297.1 pence.

Equiniti announced in July that it was buying Wells Fargo Share Registration & Services for $277 million and would partly fund the deal with a rights issue. The rest of the money will be funded through GBP120 million of debt facilities.

Write to Carlo Martuscelli at carlo.martuscelli@dowjones.com

(END) Dow Jones Newswires

September 12, 2017 04:10 ET (08:10 GMT)