Pinnacle Investment Management Group (ASX:PNI) agreed to acquire interests in two international asset management firms for a combined consideration of AU$142.8 million, according to a Wednesday filing with the Australian bourse.
The acquisitions include a 22.5% equity stake in New York-based private markets investment management firm VSS, and a 25% equity stake in London-based asset management platform Pacific Asset Management, the filing said.
Additionally, the company is set to raise AU$400 million via the placement of about 19.7 million shares priced at AU$20.30 apiece.
The company will also offer eligible shareholders the opportunity to participate in a non-underwritten share purchase plan to raise a further AU$25 million, according to the filing.
Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.