May 9, 2022

Share Listed insurance aggregator AUB Group Limited was in front of fundies on Monday with a $350 million raising, overseen by Goldman Sachs and Macquarie Capital. The transaction comprised a $279 million rights issue and $71 million placement, The brokers offered the shares at $19.50 each, a 12 per cent discount to the last close. Funds raised would be used to help make AUB’s entry into the UK, where it has an $880 million deal to acquire insurance broker Tysers. The acquisition valued Tysers at 12-times FY22 proforma EBITDA and 9-times post synergies, according to AUB’s pitch to potential investors. AUB’s funding package included the $350 million raising, $176 million vendor placement and a new debt facility. AUB lined up fresh debt worth $675 million. Anthony Macdonald co-edits Street Talk, specialising in private equity, investment banking, M&A and equity capital markets. He has 10 years' experience as a business journalist and worked at PwC, auditing and advising financial services companies. Connect with Anthony on Twitter . Email Anthony at a.macdonald@afr.com Sarah Thompson has co-edited Street Talk since 2009, specialising in private equity, investment banking, M&A and equity capital markets stories. Prior to that, she spent 10 years in London as a markets and M&A reporter at Bloomberg and Dow Jones. Email Sarah at sarah.thompson@afr.com Kanika Sood is a journalist based in Sydney who writes for the Street Talk column. Email Kanika at kanika.sood@afr.com.au Save