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Metcash makes institutional placement

Metcash makes institutional placement

Lauren Magraith, Baker & McKenzie

Two global firms advised on Metcash Limited’s institutional placement which raised $80 million to fund its acquisition of Home Timber & Hardware.

Firms: Baker & McKenzie (Macquarie Capital (Australia) Limited); Herbert Smith Freehills (Metcash Limited)

Deal: Metcash Limited made an institutional placement, fully underwritten by Macquarie Capital.

Value: $80 million

Area: Banking & Finance

Key players: The Baker & McKenzie team was led by partner Lauren Magraith (pictured), with assistance from senior associate Hoda Nahlous.

Deal significance: Metcash Limited (Metcash) is an Australian wholesale distribution and marketing company specialising in grocery, fresh produce, liquor, hardware and other fast-moving consumer goods.

Metcash made an $80 million fully underwritten institutional placement, with Macquarie Capital as the sole lead manager and underwriter.

The proceeds of the placement will be used to partially fund Metcash's $165 million acquisition of Home Timber & Hardware from Woolworths Limited.

“Our team was delighted to act for our longstanding client Macquarie Capital on this transaction and to work with Macquarie in assisting Metcash to fund its acquisition of Home Timber & Hardware after a lengthy and competitive sale process,” lead partner Lauren Magraith said.

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