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Brickability acquires Taylor Maxwell for of up to £63m; raises capital
StockMarketWire.com
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Building materials group Brickability said it had agreed to acquire timber and cladding supplier Taylor Maxwell for of up to £63 million.
To help fund the deal, Brickability said it raised £55 million via a placing at 95p per share.
It added that, in order to meet market demand, certain selling shareholders have also raised a further £38 million.
The acquisition of Brickability included an initial cash payment of £40 million, plus £10 million in shares.
There also was a deferred consideration of up to £13 million, based on future performance targets over the three financial years following completion of the acquisition.
'As Brickability continues to grow, this acquisition marks a significant expansion in the range of solutions we can deliver for our growing client base and represents a significant value-add for our shareholders,' chairman John Richards said.
At 8:26am: (LON:BRCK) share price was 0p at 49.2p
Story provided by StockMarketWire.com
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