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LONDON (Alliance News) - Healthcare services firm Totally PLC said Friday it will acquire London-focused peer Greenbrook Healthcare for GBP11.5 million in a cash-and-shares deal, with the cash element to be funded by a share placing.
Totally will pay GBP9.0 million in cash and a further GBP2.5 million in consideration shares to the sellers.
The cash element will be funded by existing cash resources as well as completed share placing and open offer.
In a separate announcement on Friday, Totally confirmed it had raised GBP9.0 million through an accelerated bookbuild share placing of 90.0 million shares at 10 pence per share.
The firm also plans an open offer to raise up to GBP1.0 million. Should all open offer share be taken up, Totally explained the new shares would represent around 49% of the enlarged share capital on admission.
Shares in Totally had been suspended since mid-May when the firm first proposed the acquisition. After being restored to trading, Totally shares were 11% lower at 10.05 pence on Friday.
"We are thrilled to announce yet another landmark acquisition for Totally as we continue to deliver on our strategy and expand the group," Totally Chief Executive Officer Wendy Lawrence said. "This highly complementary acquisition is an exciting and transformative opportunity, and one which offers significant operational and financial benefits."
For the year ended March 2018, Greenbrook generated GBP1.4 million in pretax profit on revenue of GBP33.4 million. Over the 15 months ended March 2018, Totally generated GBP2.1 million in pretax profit on revenue of GBP42.5 million.
"Adding such a well-regarded business as Greenbrook to our portfolio will provide us with a series of exciting growth opportunities in planned and unplanned care," Lawrence added. "Greenbrook's expertise and reputation in urgent care centres can be leveraged across our existing national network, in line with the NHS's commitment to integrated urgent care in its long-term plan."
"It will significantly strengthen our market positioning and allow us to deliver a wide spectrum of urgent care, driving revenue and margin growth in our core business," Lawrence continued. "Furthermore, it will enable us to quickly expand into the London and South East markets which are key growth territories for Totally."