(Alliance News) - Premier Veterinary Group PLC said it will acquire Simplyhealth Group Ltd's pet healthcare plan business for GBP6.6 million as it announced the cancellation of its listing on the main market of the London Stock Exchange.
The pet care services firm said the acquisition price of The Animal Healthcare Company Ltd comprises the estimated equity value of a convertible loan at GBP5.1 million and a loan of GBP1.5 million which will be assumed on completion.
Premier Veterinary said the purchase is conditional on the receipt of confirmation from the Competition & Markets Authority that it does not propose to examine the acquisition or, where the regulatory body does review the buy, a receipt of a decision by the CMA that it does not intend to refer the acquisition to an in-depth Phase 2 investigation.
It added that the acquisition is also conditional on it cancelling its listing on the London Stock Exchange but noted that the delisting will take place on September 16 regardless of whether the acquisition completes.
"I am delighted to announce PVG has successfully negotiated the conditional acquisition of Simplyhealth's pet healthcare plan business. This acquisition will provide PVG with the critical mass to further strengthen PVG and create additional shareholder value. It will enable our dedicated team of people to develop and grow the business and in so doing facilitate clinics to deliver the very best in preventative pet healthcare, in its broadest sense, across UK, Europe and US," said Premier Veterinary Chief Executive Dominic Tonner.
The stock closed 10% lower at 30.06 pence each on Thursday in London.
By Ife Taiwo; ifetaiwo@alliancenews.com
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