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05 Sep 2019 | 08:37

Inspiration Healthcare enters into agreement to acquire Vio for £4m

Inspiration Healthcare said it had entered into a conditional agreement to acquire Vio for a total of £4m. Vio was the holding company of Viomedex, which manufactured and supplied single use respiratory products and sterile medical consumables, principally for the respiratory care market. Of their original equipment manufacturer partners, Inspiration Healthcare was their biggest, accounting for more than 60% of total turnover, the company said. The acquisition was expected to improve margins on Inspiration Healthcare's products by retaining sub contract manufacturers' margins, broaden Inspiration Healthcare's product portfolio in neonatal intensive care and reduce the time taken to introduce new products, the company said. The company said it would the cash part of the deal of £3.0m through the placing of shares at discount. The company conditionally raised approximately £4.25m by way of placing 7,327,500 shares at a price of 58p per share, representing a 2.5% discount to the closing middle market price of 59.5 pence per Ordinary Share on 4 Sept 2019.

At 8:37am: (LON:IHC) Inspiration Healthcare Group share price was 0p at 59.5p

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