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SYDNEY - Babcock & Brown Infrastructure Group raised A$422 millon by issuing 234 million new shares to help fund a previously announced US acquisition, a source familiar with the deal said today.
On Tuesday, B&B Infrastructure shares were placed on a trading halt in Australia, after it said it was preparing to issue up to 234.5 million new shares to raise at least A$325 million.
The new shares were issued at A$1.80 each compared with its last traded price of A$1.925, the source said.
Last year, B&B Infrastructure agreed to acquire US utility Northwestern Corp.
The money raised in the share issue would be used to part-fund the deal.
- REUTERS
