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GB Group Completes GBP160 Million Fundraise For IDology Acquisition (ALLISS)

LONDON (Alliance News) - GB Group PLC said Tuesday that it has issued 39.0 million shares at 410 ...

Alliance News 12 February, 2019 | 9:28AM
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LONDON (Alliance News) - GB Group PLC said Tuesday that it has issued 39.0 million shares at 410 pence each in the GBP160 million capital raise it announced late Monday to fund the acquisition of US fraud detection firm IDology Inc.

The placing price represents a 3.1% discount to GB Group's closing price on Monday, when the placing was announced. The placing shares represent around 25.5% of the existing issued share capital of the company.

Shares in the identity data intelligence company were trading 0.3% lower at 421.77p each on Tuesday morning.

GB Group is buying IDology Inc for USD301 million in total, to be financed via the placing and GBP84 million of bank borrowings.

Atlanta, Georgia-based IDology provides identity verification and fraud detection services. The acquisition is expected to be earnings accretive to GB Group's 2020 financial year.

By Tapan Panchal; tapanpanchal@alliancenews.com

Copyright 2019 Alliance News Limited. All Rights Reserved.

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Securities Mentioned in Article

Security Name Price Change (%) Morningstar
Rating
GB Group PLC 710.17 GBX -0.95 -

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