Orora has successfully raised the $1.345 billion from the markets to enable it to acquire the French-based glass manufacturer Saverglass.
The $1.345 billion will be added to $875 million of debt financing the Australian glass packaging company has organised, to reach the $2.15 billion purchase price.
Institutional investors put in $1.22 billion for the new share offering, with the retail sector providing $223 million. A total of 39% cent of Orora’s shareholders took up the offer of new shares to support the acquisition.
Brian Lowe, CEO or Orora said, “We are pleased with the strong support shown by shareholders for the equity raising and the acquisition of Saverglass, which further strengthens our existing business, establishing Orora as a global player of scale in attractive premium segments.”
Saverglass provides glass for luxury spirits and wine producers globally, and differentiates its offering through its integrated decoration capabilities.