American investment group TPG Global is ready to pay $1.2 billion for an Australian funeral home
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Shares of the Australian funeral company InvoCare today, March 7, rose sharply after it became known that the firm received offer about the purchase from the American investment corporation TPG Global. The transaction amount is A$1.8 billion ($1.2 billion). Under the terms of the agreement, InvoCare shareholders will receive A$12.65 in cash per share. In trading on the stock exchange in Sydney, the company’s shares rose by 39% to A$12.45.
According to InvoCare’s statement, the potential buyer notified the company that it already controls approximately 17.8% of the company’s shares, and InvoCare’s board of directors supports the idea of buying the company.
InvoCare, established in 2001, is one of the largest funeral and funeral services companies in the region. It operates in Australia itself, as well as in New Zealand and Singapore, operating more than 300 funeral homes, cemeteries and crematoria in these countries. In Australia, the company is also the market leader in pet funeral services.
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