IBI Group Inc. (TSX:IBG) of Toronto has closed the sale of 2.7 million common shares to a group of underwriters led by TD Securities Inc., CIBC World Markets Inc. and National Bank Financial Inc., raising $40.5 million in gross proceeds. It will use the money for potential future acquisitions, debt reduction and general corporate purposes.
IBI Group Inc. (TSX:IBG) of Toronto announced Friday it has closed the sale of 2.7 million common shares, raising $40.5 million in gross proceeds.
The firm, whose subsidiary consulting firms provide construction-related services including land engineering, urban design and brownfield developments, intends to use the net proceeds “for potential future acquisitions, debt reduction and general corporate purposes.”
IBI issued 2.7 million common shares at $15 each on a bought deal basis to a syndicate of underwriters led by TD Securities Inc., CIBC World Markets Inc. and National Bank Financial Inc.
Last October, IBI Group closed the merger with Dull Olson Weekes Architects Inc. of Portland, Oregon. In March, 2011 it announced a merger with Bay Architects Inc. of Texas.
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