Australian engineering services firm United Group Ltd. said Wednesday it had acquired US-based UNICCO Service Company (UNICCO) for $477 million (US$411 million) in a cash and stock deal.

United Group announced that the institutional placement has been successfully completed. The bid was well supported and oversubscribed.

United said it would fund the purchase with a share placement of A$231 million and an additional A$50 million placement subject to shareholder approval.

The placement price of $17.00 a share was determined in a book build process and 14.3 million Shares were issued under the institutional placement, for a total value of A$243 million.

Goldman Sachs is the placement's underwriter.

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