In a 'blink and you'll miss it' sale, global engineering firm GKN said it had completed the 140 million share placing it only announced this morning.
The firm sold 70m shares at 200p each to institutional investors, with the funds due to go towards the purchase of Volvo's aero engine division.
The company plans to pay AB Volvo around £633m for Volvo Aero, which designs, engineers and manufactures components for aircraft engine turbines.
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GKN said the remaining money it owed Volvo would come from new debt facilities.
The placing represents 4.5% of the firm's total market capitalisation.
The company expects that the deal will improve GKN's earnings per share on a management basis and generate a return on invested capital that exceeds the group's pre-tax weighted average cost of capital of 12% by 2013.
GKN Chief Executive, Nigel Stein, said: "This is a highly attractive acquisition for GKN creating a market leader in aero engine components".
"With excellent technology and strong life-of-programme positions on most civil aero engines, Volvo Aero will significantly enhance GKN Aerospace's engine components business," he added.
The company also released a brief trading update, saying business performance in April and May continued in line with the first quarter of the year.
Overall, group sales for the five months to 31 May 2012 increased 17%, with underlying sales up 9%.
Management trading profit increased 23%, up 13% on an underlying basis.
The successful placing and encouraging trading update ensured shares were up by 10% in afternoon trading.
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