Science in Sport completes 'transformational' acquisition
By Iain Gilbert
Date: Thursday 06 Dec 2018
(Sharecast News) - UK-based sports nutrition company Science in Sport wrapped up its "transformational" acquisition of protein brand PhD Nutrition on Thursday, effectively doubling its size.
Science in Sport spent a total of £32m on PhD - £28.5m in cash, with the remaining £3.5m covered by way of the issue of 5.83m new ordinary shares to PhD's former owners.
In order to fund the cash consideration, the AIM-listed outfit issued 48.39m new ordinary shares at a placing price of 60p each.
Chief executive Stephen Moon, said: "This is a transformational deal for our business. It immediately doubles our size and accelerates our ambition to become a global leader in premium performance nutrition."
"SIS and PhD are two businesses that have complementary brands, products, operations and sales channels which together create a well-balanced, cash generative company with enhanced potential."
As of 0820 GMT, SIS shares had slipped 0.51% to 58.40p.
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