(Alliance News) - CareTech Holdings PLC on Monday said it has acquired two businesses in the United Arab Emirates, known as Wellness Group and Dmetco-Bayti Group.
Abu-Dhabi-based Wellness provides physical health consultations and surgical services, in which London-based social care services provider CareTech has picked up a 51% interest in the company, and will pay GBP8.1 million in cash upfront, with a deferred consideration of GBP3.9 million.
Meanwhile, Dmetco -Bayti provides home healthcare and physiotherapy services in the emirate of Abu Dhabi. CareTech subsidiary AS Group has acquired a 70% interest in Dmetco-Bayti, and will pay an initial GBP7.3 million, with GBP3.2 million deferred and GBP1 million in cash, which will be payable via an earn-out mechanism.
CareTech will fund the acquisitions through its own cash resources and debt facility, and said the deals will expand the care pathway to include specialist health and social care services.
"This is an exciting next step development in our investment in the AS Group as CareTech's platform for growth in the UAE. Dmetco-Bayti and Wellness complement the existing brands of the AS Group and together offer a pathway of specialist health and social care services to an underserved market with favourable growth prospects," said Executive Chair Farouq Skeikh.
Shares in CareTech closed 2.0% higher at 552.06 pence on Monday in London.
By Dayo Laniyan; dayolaniyan@alliancenews.com
Copyright 2022 Alliance News Limited. All Rights Reserved.
