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Green light for major acquisition

Green light for major acquisition

Brendan Groves

Clayton Utz and Herbert Smith Freehills have advised on a capital raising to fund an acquisition by ASX-listed consumer and industrial product company, GUD Holdings Limited.

Firms: Clayton Utz (Macquarie Capital); Herbert Smith Freehills (GUD Holdings Limited)

Deal: GUD Holdings’ fully underwritten placement of new shares to sophisticated and institutional investors.

Value: A$79.3 million

Area: Finance

Key players: Corporate partner Brendan Groves (pictured) led the Clayton Utz team, which included senior associate Warrick Louey and lawyer Kate Allison.

Richard Loveridge was the lead partner for Herbert Smith Freehills.

Deal significance: The placement was part of a broader capital raising, which included a non-underwritten share purchase plan to eligible shareholders of GUD Holdings.

Proceeds from the capital raisings will be used to fund the acquisition of Australia-based Brown & Watson International, a lighting products supplier. The acquisition was announced to ASX on 12 May.

GUD Holdings said the deal for Brown & Watson involves an initial payment of $200 million, and a further $20 million based on how the business subsequently performs.

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