Serco rises as market backs US naval services M&A

By Aidan Gregory
23 May 2019

Shares in Serco, the UK outsourcing company, rose more than 8% on Thursday morning after the company announced a £130m growth capital raise to finance the takeover of Alion’s naval design and systems engineering business, a leading supplier of services to the US armed forces.

Barclays and Bank of America Merrill Lynch were bookrunners on the placing, Rothschild was adviser to Serco.

Serco launched its capital raising early on Thursday morning after a wall-crossing exercise and was covered quickly.  

Strong demand meant the deal was priced at 126p, a 4% premium ...

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