Osborne Clarke advises Cenkos and Numis on £170 million placing

Written on 17 April 2018

International legal practice Osborne Clarke has advised Cenkos Securities plc and Numis Securities Limited on the successful £170 million cashbox placing for Breedon Group plc.

Breedon intends to use the net proceeds of the placing to part-fund the cash consideration of £455 million* payable in connection with the acquisition of Lagan Group (Holdings) Limited, a leading construction materials business based in Belfast.

The combination of Breedon and Lagan will create a leading independent construction materials group in the UK and Ireland, and extend Breedon’s geographic footprint with immediate critical mass in Ireland and across the entire value chain.

Breedon also intends to raise up to approximately £4 million through an Open Offer to shareholders who are not participating in the placing.

The Osborne Clarke team that advised on the transaction was led by Partners Jonathan King and Rebecca Gordon who were assisted by Associate Stuart Miller.

Osborne Clarke advises market leaders, challenger brands and fast-growth businesses in the financial services sector across all corporate issues, from equity and debt fundraisings to M&A, IPOs and JVs.

*Based on locked-box account at 31 December 2017