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Acquisition vehicle J2 raises $1.25 billion in London listing
October 5, 2017 / 6:51 AM / 13 days ago

Acquisition vehicle J2 raises $1.25 billion in London listing

LONDON (Reuters) - J2 Acquisition, a British Virgin Islands investment vehicle set up by former executives of U.S. consumer products firm Jarden, has raised $1.25 billion in an initial public share offering in London, J2 said on Thursday.

Set up by Jarden’s co-founder Martin Franklin along with other former Jarden executives Ian Ashken and James Lillie, J2 can now go ahead with its first deal following the IPO, it said in a statement, without saying what that would be.

“There is no specific expected target value for the acquisition,” it said, adding that any funds not used immediately could be used for future deals.

Franklin, Ashken and Lillie stood down last year as executives at Jarden, whose consumer products brands include Mr Coffee and Sunbeam, after the firm was bought by Newell Brands (NWL.N).

The offering consists of $1.21 billion in ordinary shares at $10 a share and a further $40 million through founder-preferred shares, J2 said.

J2 expects to start trading on the London Stock Exchange on Oct 10, it added.

Citigroup and UBS are joint bookrunners.

Reporting by Carolyn Cohn; Editing by Rachel Armstrong, Greg Mahlich

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