Essentra share price update: Company Prices Share Issue For Clondalkin Buy At 713.5p (ALLISS)

Essentra PLC on Wednesday said it will buy the specialist packing arm of Clondalkin Group in a USD455 million deal, and raised GBP168

Essentra share price update: Company Prices Share Issue For Clondalkin Buy At 713.5p (ALLISS)

UPDATE: Essentra Prices Share Issue For Clondalkin Buy At 713.5p (ALLISS)

LONDON (Alliance News) - Essentra PLC on Wednesday said it will buy the specialist packing arm of Clondalkin Group in a USD455 million deal, and raised GBP168.8 million before expenses in a share placing to support the funding of the acquisition.

Essentra placed 23.7 million of its shares at a price of 713.5 pence each under an accelerated bookbuild. Before the final pricing, Essentra had expected the placing to raise about GBP160 million. The new shares represent about 10% of the company's shares previously in issue.

Deutsche Bank AG was the lead manager and bookrunner on the placing.

Clondalkin, which provides secondary packaging products for the pharmaceutical and healthcare industries, is owned by an affiliate of US private equity house Warburg Pincus LLP.

Essentra expects to complete the acquisition in the first quarter of 2015.

Essentra shares were up 2.5% at 734.50 pence on Wednesday.

By Sam Unsted; samunsted@alliancenews.com; @SamUAtAlliance

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