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Bids, Mergers and Takeovers

Diploma acquires Abacus

20 April 2017 07:34

Diploma has acquired Abacus ALS Pty for up to £15.7m.

The business employs 44 staff across its principal locations in Brisbane, Australia and Auckland, New Zealand and the existing management team will remain with the business.

Diploma said: "Abacus is a long-established supplier of clinical diagnostics instrumentation and consumables to the pathology and life sciences sectors.

"Abacus has particular strengths in immunology and biochemistry testing, supplying to both the public and private laboratories in Australia and New Zealand.

"Abacus also supplies to research and educational institutions, blood donor services and specialist centres including IVF and veterinary laboratories."

Diploma said the initial cash consideration, including net debt acquired but before acquisition costs, was £13.6m (A$22.5m) which would be met from the group's existing cash resources and revolving bank credit facility.

It said this might be subject to minor adjustment based on the net assets at completion.

Further deferred consideration up to a maximum of £2.1m (A$3.5m) might be payable in 2017 depending on the operating profit out-turn of the business in the year ending 30 June 2017.

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