The new acquisition vehicle of Nicolas Berggruen, Justice, has raised about £900 million in funding, Financial Times reports. The three founders of the vehicle, Berggruen, Martin Franklin and Bill Ackman, issued 90 million shares at £10 each.
The deal size was increased from an initially planned 65 million shares. Citigroup and Barclays Capital were appointed to arrange the IPO. Justice is seeking to target acquisition with an enterprise value of £1-7 billion.Click here for the story from Financial Times.
Click here for the additional coverage from Reuters.