Investec acts as sponsor, financial adviser, joint broker, joint book-runner 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.