Babcock launches £1.1bn rights issue for Avincis acquisition

By Nina Flitman
27 Mar 2014

Babcock International Group, the UK engineering support services company, launched a £1.1bn rights issue this week to finance its acquisition of specialist helicopter firm Avincis.

Babcock is paying £920m for 100% of Avincis’ equity — around 14 times the company’s adjusted 2013 Ebitda.

The rights issue, which has been fully underwritten by Barclays, HSBC, Jefferies and JP Morgan, will offer five new ordinary shares for 13 existing ordinary shares at 790p each. This ...

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