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IRESS finalises Avelo purchase

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IRESS has completed its purchase of UK-based technology provider Avelo Financial Services following a successful entitlement offer and approval by the UK Financial Conduct Authority.

When the acquisition was first announced on 6 August 2013, IRESS chief executive Andrew Walsh said it would help his company to “establish scale, revenue and a relationship footprint in the UK”.

The £210 million cash purchase price was funded by a combination of internal cash resources, new debt and an underwritten pro-rata accelerated renounceable entitlement offer to raise $206 million.

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The institutional component of the entitlement was completed August 9, raising $152 million; the retail component was completed on August 29, raising $53.5 million.

The retail component comprised two parts: an entitlement offer which raised $33.7 million, and a retail entitlement bookbuild completed on September 4 which raised $19.8 million at a bookbuild price of $8.70 per share.

 

IRESS finalises Avelo purchase
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