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Portfolio of securities sold to Acorn Capital

Portfolio of securities sold to Acorn Capital

Australia’s second oldest publicly listed company has entered into a sale agreement to sell a portfolio of assets to Acorn Capital.

Firms: DLA Piper (Washington H. Soul Pattinson); Undisclosed (Acorn Capital)

Deal: Washington H. Soul Pattinson has sold a portfolio of securities to Acorn Capital Investment Fund Limited.

Value: $7.6 million (approx.)

Area: Corporate, finance

Key players: The DLA Piper team advising Washington H. Soul Pattinson was led by partner David Ryan, with senior associate Rosa Sayer.

Deal significance: Acorn Capital will acquire a portfolio of seven assets from WHSP, consisting of six unlisted and one ASX-listed assets.

The purchase price is proposed to be funded by the issue of ordinary shares in Acorn Capital, representing the largest shareholding in the fund.

Washington H. Soul Pattinson is Australia’s second oldest publicly listed company, having listed on the Sydney Stock Exchange (now ASX) in 1902. As of 30 November 2017, the company holds a diversified investment portfolio totalling approximately $5 billion.

Acorn Capital is a specialist small and microcap investment manager.

“We are pleased to once again partner with our client Washington H. Soul Pattinson and Company on this transaction, which will see them become the largest shareholder in Acorn Capital Investment Fund,” DLA Piper corporate partner David Ryan said.

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