Halfords raises GBP63.4 million to fund National acquisition

(Alliance News) - Halfords Group PLC on Thursday said it has raised GBP63.4 million through an equity issue, which will go towards partly funding its acquisition of tyre maintenance and repair firm National.

The Redditch, England-based retailer, best known for selling bikes and cycling equipment said it has issued 19.8 million shares, through a placing and retail offer of shares at a price of 320 pence per share.

The issue price reflects a 0.1% discount to the company's closing price on Wednesday at 320.4p.

Shares in Halfords were up 6.5% at 341.35 pence each on Thursday morning in London.

On Wednesday, Halfords announced it would acquire Axle Group Holdings Ltd - trading as National - for GBP62 million.

Halfords now has 218.9 million shares issued overall.

By Abby Amoakuh; abbyamoakuh@alliancenews.com

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