UK rental services company Arena Events has landed 20 million pounds ($26 million) by way of placing up to 33.3 million new shares at a price of 60 pence each.
The initial consideration of $10.6 million will be paid in cash plus additional earn-out consideration of up to a maximum of $6.4 million.
The net proceeds of the placing will be used to fund the initial consideration due for the conditional acquisitions of a California-based supplier of under-the-tent rental supplies Stuart Rentals and the entire issued share capital of Dubai-based exhibition stand design and build company TGP.
Shares in Arena Events closed up 1.9 percent Tuesday at 68.75 pence each.