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Uniti Wireless completes placement, institutional offer for LBNCo deal

Uniti Wireless Ltd. completed the share placement and institutional entitlement offer to raise funds for its acquisition of LBNCo Pty. Ltd.

The Australian operator expects to raise total proceeds of about A$41.6 million from the placement and institutional offer. The new shares under the institutional offer will be settled Aug. 26 and will begin trading Aug. 27 on ASX.

Uniti Wireless will run an entitlement offer for its retail shareholders from Aug. 26 to Sept. 6, in a bid to raise an additional amount of about A$58.6 million. The figure includes A$6.0 million from company directors who committed to fully take up their entitlement rights to 5.0 million new shares.

Uniti Wireless agreed to fully acquire LBNCo, a builder and wholesale operator of private fiber networks, in a cash-and-stock deal worth A$100 million.