1st May 2014 09:27
LONDON (Alliance News) - Marketing and print publishing group St Ives PLC said Thursday that it had acquired consulting and communications services provider the Health Hive Group Ltd for GBP20.9 million in cash and shares.
St Ives will pay GBP16.8 million in cash, and the remainder through the issue of 2.1 million St Ives shares. It said that a further consideration of GBP29.1 million, made up of 80% cash and 20% shares, will be payable contingent on financial performance over the next three years.
Health Hive posted earnings before interest, tax, depreciation and amortisation before one-off items of GBP2.9 million on revenue of GBP9.1 million in 2013.
The acquisition will operate as a subsidiary of St Ives and is expected to be earnings enhancing during the current year, it said.
Shares in St Ives were trading up 1.5% at 201.00 pence Thursday morning.
By Hana Stewart-Smith; [email protected]; @HanaSSAllNews
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