Corporate Travel Management (ASX:CTD) has completed its $75 million placement to partly fund the acquisition of Helloworld’s corporate travel business.
This week, Corporate Travel announced the acquisition with an enterprise value offer of $175 million. The company structured the deal via a $100 million cash payment and $75 million in Corporate Travel shares, which has just been completed.
The placement will result in around 3.6 million new shares at $21.00 per share. This represents a 5.8 per cent discount to the Corporate Travel’s share price prior to the trading halt
Settlement of placement of shares is expected to occur on December 22, with allotment to occur the day after.
Meanwhile, Corporate Travel will push on with its share purchase plan to raise up to $25 million from eligible shareholders in Australia and New Zealand.
Shares in Corporate Travel Management (ASX:CTD) are trading 5.8 per cent lower at $21.00.