IPH Ltd (ASX: IPH) Secures $100 Million for Acquisition of Canadian IP Firm Bereskin & Parr

August 23, 2024 12:52 PM AEST | By Team Kalkine Media

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IPH Ltd (ASX: IPH) Secures $100 Million for Acquisition of Canadian IP Firm Bereskin & Parr — Image source: shutterstock

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Intellectual property services provider IPH Ltd (ASX:IPH) has successfully raised $100 million through an Institutional Placement aimed at funding its acquisition of Canadian intellectual property firm Bereskin & Parr.

The Institutional Placement attracted interest from both existing shareholders and new institutional investors. Additionally, IPH has announced a Share Purchase Plan (SPP) intended to raise an extra $25 million.

Under the Placement, approximately 17.7 million new fully paid ordinary shares will be allocated to institutional investors at a price of $5.65 per share. The settlement for these shares is scheduled for Tuesday, August 27.

The SPP shares will be priced at $5.46 each, reflecting the Offer Price minus the final FY24 dividend of $0.19. Eligible shareholders can apply for up to $30,000 worth of these shares.

Dr. Andrew Blattman, Managing Director and CEO, expressed appreciation for the investor support during the Placement. "The strong demand from both existing and new institutional investors highlights the strategic benefits of acquiring Bereskin & Parr and its alignment with our goal to lead in secondary IP markets," he noted.

This acquisition is expected to enhance IPH's presence in the Canadian IP market and reinforce its position as a leading IP services group.

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