14th Apr 2023 17:53
Creo Medical Group PLC - Chepstow, Wales-based medical device company focused on the field of surgical endoscopy - Updates on its earn-out agreement related to the acquisition of Albyn Medical SL, now known as Creo Medical SL.
Firm acquired Albyn in July 2020 for EUR24.8 million, plus up to EUR2.7 million based on performance targets. 90% of Albyn's share capital was acquired that July, with the remaining 10% to be acquired over the following two years for a consideration calculated against performance targets. In March 2022, the company confirmed that the targets for the 12-month period ending July 2021 had been achieved in full and that it had acquired 50% of the remaining 10% of Albyn's share capital.
Today, Creo confirms that the targets for the 12-month period ending July 2022 have also been achieved in full. As a result, company acquires the remaining 5% of Albyn's share capital for EUR1.2 million.
Current stock price: 26.82 pence
12-month change: down 74%
By Heather Rydings, Alliance News senior economics reporter
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