Source: Morningstar
Animalcare Group PLC, a UK-based supplier of Veterinary pharmaceuticals, announced plans to acquire Randlab Australia Pty Ltd, an equine Veterinary business, for approximately GBP 62.2 million. The acquisition will be funded through Animalcare’s cash reserves, debt facilities, and a GBP 20 million equity placing. The placing, conducted at 232.50 pence per share, represents a 5.1% discount to the prior closing price and was oversubscribed, with the largest shareholder, Alychlo NV, contributing 10%.
Animalcare expects the acquisition to significantly boost earnings, with at least a 20% accretion anticipated by 2025. CEO Jenny Winter described the deal as transformational, aligning with the company’s growth strategy and complementing its product portfolio. She highlighted that the acquisition enhances Animalcare’s position in the growing equine market and provides opportunities within a compatible regulatory environment. The strategic move underscores Animalcare’s ambition to expand its market presence and capitalize on the equine Veterinary sector’s growth.
Read the full story HERE: https://www.morningstar.co.uk/uk/news/AN_1733236146912176200/animalcare-acquires-randlab-for-gbp622-million-using-new-funds-raised.aspx