28th Sep 2021 14:36
EKF Diagnostics Holdings PLC - Cardiff-based diagnostics and central laboratory assay manufacturer - Buys Advanced Diagnostic Laboratory, a Texas based PCR-focused testing laboratory business. The deal will see EKF make an initial payment of USD10 million in shares, with further performance-based payments payable over the following three years subject to the earnings before interest, tax, depreciation and amortisation performance of ADL.
Founded in May last year, ADL's laboratory covers clinical, forensic and microbiological testing.
"We are delighted to have agreed terms for the acquisition of ADL Health and believe this represents a highly attractive and earnings accretive transaction," Chief Executive Designate Mike Salter comments.
"Strategically this is an excellent move for us as it positions EKF as a leading provider of diagnostic products and services, including a testing offering that our industry partners have been looking for us to provide."
Current stock price: 84.00p
Year-to-date change: up 17%
By Will Paige; [email protected]
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