Topco Fully Funded as Soul Patts and Brickworks Merger Advances

Washington H. Soul Pattinson and Company Limited (ASX: SOL) and Brickworks Limited (ASX: BKW) have confirmed that Topco, the proposed merged entity, is now fully funded ahead of the scheme vote. At the time of writing, Topco has secured approximately $1.4 billion through a series of equity placements, including a recent $220 million raise at no discount to Soul Patts’ last closing price of $42.61. The capital raise, underwritten by Aitken Mount Capital Partners, will be used to reduce Brickworks’ debt, settle liabilities such as the Soul Patts convertible bond, and cover transaction costs. No further equity issuance is required. Leadership from both companies emphasized that this milestone reflects strong investor confidence and positions Topco for long-term value creation. The merger is expected to deliver strategic benefits through a simplified balance sheet and a focused growth agenda. 

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