AUB completes $400m institutional placement to fund Prestige buyout
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The news: Insurance broker AUB Group has successfully raised $400 million through an institutional placement to help fund a $432 million takeover of UK broker Prestige.
The numbers: About 13.6 million shares were issued at $29.40, which represents a 7.9% discount to the last traded price of $31.91 on Friday 23 January.
The context: On Tuesday, AUB announced it would acquire PIHL Holdings (Prestige) and launched its institutional placement. A share purchase plan to raise a further $40 million will run between 4 February and 26 February.
Shareholders that were on the register on 23 January 2026 are able to make a maximum application of $30,000 each.
What they said: “We are pleased with the outcome and thank our shareholders for their strong support for the placement and the transaction. We are excited for Prestige to join the AUB Group and look forward to accelerating our UK Retail strategy to deliver value for shareholders,” AUB CEO Mike Emmett said.
The source: ASX
