2nd Feb 2015 09:14
LONDON (Alliance News) - Benchmark Holdings PLC on Monday said it has struck a deal to buy Improve International Ltd for around GBP3.5 million in cash and warrants.
Benchmark will pay GBP3.2 million in cash, along with warrants to buy 259,312 Benchmark shares for 112 pence per share. A further GBP3 million in cash will be payable under an earn-out deal based on performance targets for Improve.
Improve International is a Swindon-based professional development provider for the veterinary market and will be integrated into Benchmark's Technical Publishing business, it said.
"The acquisition of Improve will enable us to combine our digital and distance learning expertise with Improve's veterinary content across Europe, enhancing our ability to serve the professionals in our key veterinary markets. This is a significant step forward for our Technical Publishing division in both the food and companion animal markets," said Benchmark Chief Executive Malcolm Pye.
Shares in Benchmark were down 2.9% to 102.00 pence on Monday.
By Sam Unsted; [email protected]; @SamUAtAlliance
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