Care UK buys remaining JV interest for £14.1m

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Date: Tuesday 08 Jul 2008

LONDON (ShareCast) - Care UK has agreed to buy the 50% interest in Partnership Health Group not already owned by the group from its joint venture partner, Life Healthcare Group, for an initial £14.1m.

The nursing and care home operator said the acquisition will be funded through a vendor placing of 4.1m shares at 345p each, raising around £16.1m.

Care UK will also issue 565,835 cash placing shares at the same price to raise £2m before expenses. Both the vendor placing and the cash placing have been fully underwritten by Investec.

The group said it believes that the acquisition will be earnings enhancing in the first full financial year following completion.

“Care UK's strategy continues to be to address both the Health and Social Care markets and this strategy is demonstrably well founded as the NHS and Local Authorities implement their plans to further utilise the independent sector to deliver services, to shift care from hospital environments to the community and to empower consumers to exercise choice and control,” said chairman John Nash.

“We are confident that our chosen markets continue to offer good opportunities for delivering exceptional long-term value to shareholders,” he added.

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