Essentially Group PLC - London-based investment and holdings company focused on the health and food & beverage sectors - 100%-owned subsidiary, Essentially Holdings Ltd, signs share purchase agreement for the acquisition of the entire share capital of Best of Latin Foodstuff Trading LLC, a Dubai-based producer of Latin American-inspired ready-to-eat foodstuffs. The deal includes a total consideration of GBP1.9 million, satisfied through the issue of 3.7 million new shares in the company at a price of 52.5 pence each. The acquisition is expected to complete by May 3, and will result in a 7.2% dilution to existing Essentially shareholders.
Essentially says that the acquisition, once completed, will "unlock significant value for our shareholders by tripling Essentially's turnover, diversifying its product portfolio and revenue streams, giving access to additional market segments, allowing supplier consolidation, and resulting in substantial operational synergies and scale efficiencies."
Current stock price: 45.00 pence per share, up 5.9% on the Aquis Exchange on Friday
12-month change: down 14%
By Hugh Cameron, Alliance News reporter
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