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Gloucester Coal To Buy Donaldson Coal And Monash - Quick Facts

Australian coal miner Gloucester Coal Ltd (GCL.AX) announced that it has agreed to buy Donaldson Coal Holdings Ltd. and Monash Group.

Under deal with Noble Group Ltd (NOBGF.PK), Gloucester will buy Donaldson from Noble for an enterprise value of A$585 million,which comprises A$360 million in Gloucester shares and A$225 million in debt.Gloucester will also buy Monash Group from Ellemby Holdings Pty Ltd for A$30 million in cash.

Additionally, Gloucester announced an equity raising of A$230 million through a fully underwritten 2 for 11 non-renounceable accelerated pro-rata entitlement offer to partly fund the takeovers and repay debt.

The company will raise A$210 million from institutional shareholders and A$20 million from retail shareholders. The offer price will be A$9.00 per share, a 9.1% discount to the last trading price.

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