Photo / Fiona GoodallNZX-listed hospitality group Savor has acquired Amano owner Hipgroup and its portfolio of eateries for $11 million. Savor made the announcement to the NZX this morning, saying it would raise new equity capital of $6 million to fund part of the transaction. The equity capital will come by way of a fully underwritten rights issue is targeted at raising $6m at 17.67 cents per share. Savor said the acquired venues would contribute to an additional $3m in operating earnings for the group. The transaction will be funded through additional debt financing and "new equity capital of $6 million already fully underwritten" to support growth and strengthen the balance sheet.

Source: New Zealand Herald March 09, 2021 20:41 UTC