Topco, the new ASX-listed company resulting from the proposed merger between Washington H. Soul Pattinson and Company Limited (Soul Patts) and Brickworks Limited (Brickworks), has announced it is now fully funded to execute the strategic merger. Soul Patts is an Australian public company that first listed on the Sydney Stock Exchange (now ASX) on 21 January 1903 and has since evolved into an investment house with a diversified portfolio of assets. Brickworks, listed on the ASX since 1962, is Australia’s largest brick manufacturer with a diversified portfolio of assets offering shareholders stability and long-term growth.
According to the ASX 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 capital raise, initially announced on June 2, 2025, was accelerated in response 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. The proceeds will primarily be used to cover a significant portion of Brickworks’ outstanding debt, address other liabilities including the Soul Patts convertible bond, and fund transaction costs, including stamp duty. The company has stated that there is no need for additional shares to be issued.
Soul Patts CEO and Managing Director, Todd Barlow, stated that securing full equity funding is a key milestone that provides maximum flexibility and certainty as the merger progresses. Brickworks CEO, Mark Ellenor, added that the successful capitalisation of Topco puts the merged entity in a strong position from day one, with a simplified balance sheet and clear growth agenda.
