Clayton Utz to act on SAI Global capital raising

A$130 million equity raising.

SAI, a risk management specialist, last week suspended trade in its shares on the ASX to announce it had agreed to pay $194m ($US170m) in a deal, which will be bankrolled by the equity raising on top of debt.

SAI Global is seeking to finance its proposed acquisition of 100 per cent of Integrity Interactive, a leading US-based compliance and ethics solutions provider.

Clayton Utz's head of equity capital markets Stuart Byrne is leading the team advising Macquarie Capital Advisers.

Commenting on the transaction Byrne said: "Clayton Utz is pleased to advise long-standing client Macquarie Capital Advisers on this transaction. I expect we will see more equity raisings to fund strategic acquisitions as economic conditions improve."

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The raising will seek to raise A$80 million through an accelerated non-renounceable pro-rata entitlement offer and an additional A$50 million through an institutional placement.

SAI told investors that the acquisition, which is subject to regulatory approval, would create a compliance business with pro-forma revenue exceeding $80m for the 2010 financial year.

The acquisition is expected to be completed next month.