Clayton Utz to act on SAI Global capital raising
Clayton Utz is advising Macquarie Capital Advisers as underwriter of SAI Global's_x000D_ A$130 million equity raising._x000D_
CLAYTON Utz is advising Macquarie Capital Advisers as underwriter of SAI Global's To continue reading the rest of this article, please log in. Create free account to get unlimited news articles and more! 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." 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.