Argonaut acted as Financial Advisor to the $6.4 million acquisition of Ausblast and Joint Lead Manager to the accompanying $4.3 million Placement for Babylon Pump & Power Limited (BPP:ASX). The acquisition of Ausblast provides Babylon with a third growth pillar along with the opportunity to significantly enhance its scale and service offering which will deliver the ability to accelerate growth and achieve strong financial outcomes for shareholders.
The Company will utilise the Placement proceeds together with funds secured from an accompanying Share Purchase Plan and short-term unsecured bridge loan to fund the upfront component of the Ausblast acquisition, pursue further growth initiatives and for general working capital purposes.
Argonaut is excited to support Babylon and looks forward to the Company’s ongoing success.
Additional information regarding Babylon can be found on the Company’s website at https://www.babylonpumpandpower.com.
