Megaport completes $200m institutional placement
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The news: Megaport has completed a $200 million underwritten institutional placement to help fund its acquisition of Latitude.sh and accelerate its expansion into India.
The numbers: The network-as-a-service provider will issue 14 million new shares at $14.30 each, which is a 6.5% discount to Megaport’s last close price of $15.30.
The context: Share settlement is expected on 14 November, with allotment and trading expected to commence on 17 November.
What they said: “We’re very pleased with the support received from existing and new investors for this placement as Megaport takes the logical next step in its evolution,” Megaport CEO Michael Reid said.
“The acquisition of Latitude.sh and the accelerated network expansion in India creates the automated global software platform where networks and compute converge to connect critical workloads.”
The source: ASX
