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Tox Free Solutions raises $20m

Tox Free Solutions raises $20m

Mark Paganin

Two firms have acted on an institutional placement worth $20 million to fund the acquisition of Worth Corporation by Tox Free Solutions.

Firms: Clayton Utz (Tox Free Solutions); Pikes & Verekers Lawyers (Worth Corporation); Baker & McKenzie (Morgan Stanley and Evans & Partners)

Deal: Tox Free Solutions has successfully completed a fully underwritten placement to institutional investors to raise gross proceeds.

Value: $20 million

Area: Banking and finance

Key players: Clayton Utz Perth corporate partner Mark Paganin (pictured) led the firm's team with support from senior associate Stephen Neale and lawyers Kaley Ohariw and Thomas Parker.

Deal significance: Tox Free Solutions is an ASX-listed environmental, waste management and industrial service provider.

The institutional placement was undertaken to partly fund the acquisition of 100 per cent of the shares in waste management company Worth Corporation, in respect of which Clayton Utz is acting for Tox Free. 

The total cash consideration for the acquisition is $70 million (subject to adjustments). Tox Free is also undertaking a share purchase plan at the same price as the institutional placement to raise a maximum of $4 million.

Morgan Stanley and Evans & Partners were joint lead managers of the institutional placement, which was fully underwritten by Morgan Stanley.

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