(Alliance News) - The UK Competition & Markets Authority on Friday said it has opened an investigation into CVS Group PLC's GBP20.4 million acquisition of Quality Pet Care Ltd.
Shares in CVS were down 6.7% to 2,585.00 pence in London on Friday morning. On Thursday, they had jumped 11% after the company announced its full-year results.
Quality Pet Care, which trades as The Vet and has eight practices across the UK, was bought by CVS on August 19. The deal was first announced in the full-year results.
Norfolk-based CVS owns 506 veterinary practices in the UK, Ireland and Netherlands.
The regulator is investigating whether the transaction may substantially reduce competition and opened an invitation to comment, which closes on October 8.
CVS has been approached for comment.
By Ivan Edwards; ivanedwards@alliancenews.com
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CVS Group (CVSG)
