StockMarketWire.com - Sabien Technology Group has confirmed plans to acquire the entire share capital of Ptarmigan Health Destinations.

Sabien will be renamed as Health Destinations on completion of the deal, which is worth £44.5 million. The transaction is subject to approval by shareholders.

The deal came as Sabien also announced the completion of a corporate restructuring, which chairman Richard Parris said was designed to deliver a return to revenue growth.

'This has proven to be a challenging process to navigate during the Covid pandemic, but I am delighted the board has agreed a 71% premium on the suspended share price,' Parris said of the Ptarmigan deal. 'I believe this is a great result for Sabien shareholders.'

Parris said the combined business had the potential to 'significantly benefit' from a post-Covid uplift in the health and wellness industry and in a green energy investment rebound.

For the year ended 30 June 2020, Sabien Technology Group saw sales fall from £1.4 million in 2019 to £0.5 million, resulting in a loss before tax of £1.41 million for the period.




Story provided by StockMarketWire.com