Topco, the new ASX-listed company created from the proposed merger between Washington H. Soul Pattinson and Company Limited (Soul Patts) and Brickworks Limited (Brickworks), has announced that it is now fully funded to execute the strategic merger. On June 2, 2025, Soul Patts and Brickworks announced their intention to merge, and recent developments confirm the merger is proceeding as planned. Soul Patts is an Australian public company that first listed on the Sydney Stock Exchange (now ASX) on 21 January 1903. With origins in owning and operating Australian pharmacies, Soul Patts has since evolved into an investment house with a diversified and uncorrelated portfolio of assets across multiple industries.
According to the announcement on July 7, 2025, Topco has secured additional commitments of $220 million at no discount to Soul Patts’ last closing price of $42.61. This placement is fully underwritten by Aitken Mount Capital Partners and is conditional only on implementation of the schemes to acquire Soul Patts and Brickworks. The initial capital raise, announced on June 2, 2025, has been accelerated due to strong investor demand and is now complete.
Combined with previous conditional placements announced on June 2 and July 1, Topco has received commitments for 34 million shares, totaling approximately $1.4 billion. According to the initial announcement, the proceeds from the capital raise will be used to cover a significant portion of Brickworks’ outstanding debt, address other liabilities, and fund transaction costs. Soul Patts CEO Todd Barlow stated that securing full equity funding provides maximum flexibility and certainty as they advance the proposed merger.
Brickworks CEO Mark Ellenor added that the successful capitalization of Topco puts the merged entity in a strong position from day one, allowing them to deliver on the strategic benefits of the merger with a simplified balance sheet and clear growth agenda. The boards of both Soul Patts and Brickworks have authorized the release of this announcement.
