K3 Capital in £10m share placing to fund acquisitions

K3 Capital

K3 Capital Group has announced the proposed acquisitions of Knight Corporate Finance Group  and Knight R&D and will be raising £10m through a share placing to fund the deal.

The Bolton group will place 2,941,934 new ordinary shares at an issue price of 340p to raise the necessary funds.

KCFG is a specialist M&A advisory firm within the telecoms and tech sector, and KRD is a specialist R&D tax advisory firm servicing UK SMEs.

The group said the acquisitions are in line with its strategy to acquire “complementary and value accretive businesses” to build out its existing SME focussed service lines.

The proceeds of the share placing will be used in part to fund the acquisitions and to pay fees in relation to the placing and the acquisitions.

finnCap is acting as nominated adviser, joint broker and joint bookrunner and Canaccord Genuity is acting as joint broker and joint bookrunner.

The acquisitions are expected to be immediately earnings enhancing.

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