LONDON (Reuters) - British aerospace and defence supplier Cobham has raised 180 million pounds in a share placing which it intends to use to help finance its $1.46 billion (867.6 million pounds) acquisition of New York-based Aeroflex.
Cobham said on Tuesday that it placed 60 million ordinary shares at a price of 300 pence per placing share, raising gross proceeds of 180 million pounds. This represents approximately 5.6 percent of Cobham’s issued ordinary share capital prior to the placing.
The company said earlier that it had agreed to buy Aeroflex, a firm that makes components and systems used in broadband and wireless communications, in a 1.46 billion pound deal and would use the placing to help finance part of the acquisition.
Merrill Lynch International and UBS Limited acted as joint bookrunners for the placing.
Reporting by Brenda Goh; editing by Sarah Young