LONDON (Alliance News) - Pensions and insurance consolidator Chesnara PLC on Tuesday said it has successfully raised the GBP70.0 million in equity funding it required to back its acquisition of the Dutch arm of Legal & General Group PLC.
Chesnara agreed in November to acquire L&G's Dutch life insurance and pensions business for EUR160 million in cash. The deal was backed by new debt facilities and a share placing at 300.00 pence per share.
On Tuesday, Chesnara said it has successfully raised the funds by issuing 23.3 million shares at the placing price, comprising a firm placing and an open offer, the latter of which was oversubscribed.
Shares in Chesnara were down 2.1% at 333.76p on Tuesday.
By Sam Unsted; samunsted@alliancenews.com; @SamUAtAlliance
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Chesnara (CSN)
Legal & General (LGEN)