Mirion Technologies slides on planned $600 mln raise for acquisition

Shares of radiation detection systems maker Mirion Technologies MIR.N down 6.4% at $20.57 on Thurs as it seeks capital to finance an acquisition

Atlanta, Georgia-based Mirion late Weds announced $350 mln public stock offering and $250 mln private offering of convertible bonds due 2031

It plans to use net proceeds from concurrent offerings to fund planned acquisition of Paragon Energy Solutions

Mirion early Weds unveiled $585 mln acquisition of Paragon, a solutions provider for nuclear power industry, from Windjammer Capital Investors in deal expected to close before the end of 2025

MIR shares lost nearly 11% on Weds

Goldman Sachs, Evercore, Citigroup and Morgan Stanley are joint bookrunners for the equity offering

Co has ~234 mln shares outstanding for current market cap of about $4.8 bln

With decline on Thurs, shares up ~18% YTD. Stock hit record intraday high of $25.16 on Tues

All 6 analysts covering MIR shares are bullish with median PT of $23, per LSEG data