Soul Patts in $11bn LIC merger

Original article by Cliona O’Dowd
The Australian – Page: 13 & 17 : 23-Jun-21

Shares in listed investment company Milton rose by as much as 16 per cent to $5.80 on 22 June after it was announced it would be merging with investment house Washington H. Soul Pattinson. Soul Patts, which already owns a three per cent stake in Milton, will acquire it in an all-scrip merger that will increase Soul Patts’ market capitalisation to $10.8 billion. Soul Patts owns major holdings in Australian Pharmaceutical Industries, Brickworks, TPG Telecom and New Hope Group, while both it and Milton are chaired by Robert Milner. Soul Patts CEO Todd Barlow says the merger will mean a larger war chest for future investments and increased portfolio diversification.

CORPORATES
MILTON CORPORATION LIMITED – ASX MLT, WASHINGTON H SOUL PATTINSON AND COMPANY LIMITED – ASX SOL, AUSTRALIAN PHARMACEUTICAL INDUSTRIES LIMITED – ASX API, BRICKWORKS LIMITED – ASX BKW, TPG TELECOM LIMITED – ASX TPG, NEW HOPE GROUP, NEW HOPE CORPORATION LIMITED – ASX NHC, WAM CAPITAL LIMITED – ASX WAM

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