Transit Systems Group has tapped Gresham as an adviser for its sale to SeaLink Travel Group for $635 million.
SeaLink, a ferry and tourist boat operator, was advised by Macquarie Capital.
The listed SeaLink released details of the acquisition of the bus operator to the market on Tuesday after entering a trading halt in the prior session.
SeaLink confirmed it would raise $154m, $65m by which is by way of placement and the remainder by way of a one for four share entitlement offer at $3.50 per share through Macquarie, Ord Minnett and Taylor Collison.
Transit Systems Group would be paid in cash and scrip.
The raise is at a 10.5 per cent discount to SeaLink’s last closing price.
Details of the deal were revealed by DataRoom online on Monday.
The transaction for SeaLink is more than 20 per cent earnings per share accretive before synergies and was struck at a 7.8 times multiple net synergies.
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