KWM has acted on Flight Centre Travel Group Limited’s (Flight Centre) institutional placement and share purchase plan to raise approximately $220 million to finance the acquisition of Scott Dunn, a leading UK-based luxury travel brand.
The KWM team was led by M&A partners Paul Schroder and Amanda Isouard, supported by special counsel Karim Issa and solicitors Jaspreet Nagra, Piero Craney, Stuart Neil, and Gordon Yen.
Commenting on the transaction, partner Paul Schroder said: “The success of this capital raising highlights Flight Centre’s strong recovery from the COVID-19 pandemic. Our team is very proud of the support we have provided Flight Centre during the pandemic and its recovery, and now as it seeks growth. Since 2020 KWM has acted on four capital raisings for Flight Centre with an aggregate value of approximately $1.7 billion.”
Further commenting on the capital raising, partner Amanda Isouard said: “We are very pleased to have advised Flight Centre on the equity financing of its proposed acquisition. The success of Flight Centre’s institutional placement shows that ASX is open for acquisition financing. Our role once again demonstrates the ability of the KWM ECM team to partner with clients on successful acquisition financing. The depth and breadth of our team has helped us achieve excellent outcomes for many clients in the ECM space.”
The raising is expected to be completed in early March.
KWM has previously advised Flight Centre on its $700 million placement and entitlement offer (2020), $400 million convertible notes offer (2020) and $400 million convertible notes offer (2021).
In 2022, the KWM ECM team helped its clients raise ˜$14.5 billion – a significant share of the capital raised on ASX in 2022. KWM has also advised clients on buy-backs totalling up to ˜$6 billion through a variety of structures.
