By Rhiannon Hoyle
Australian packaging company Orora on Tuesday said it will raise roughly 1.35 billion Australian dollars (US$872.4 million) to buy Saverglass, a French maker of high-end glass bottles, in a deal valued around A$2.16 billion.
Orora said the fully underwritten equity raise comprises a A$450 million institutional placement and a A$895 million 1-for-2.55 accelerated non-renounceable pro rata entitlement offer. The company has also agreed to A$875 million of acquisition debt financing, it said.
Saverglass will become the centerpiece of Orora’s global glass business, the company said.
Write to Rhiannon Hoyle at rhiannon.hoyle@wsj.com
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