MedservRegis plc - Acquisition of METS Group

On 23 February, Medserv plc announced that, through its subsidiary company Medserv M.E. Limited, it has now concluded the purchase of the entire issued share capital of METS UAE and METS Oman as well as the 90% shareholding of METS Iraq (collectively known as the “METS Group”).

As opposed to what was stated in the previous communications to the market including the Dual Issue Prospectus dated 21 December 2015, the consideration price for the above transactions has been reduced from USD46 million to USD45 million, reflecting the 10% shareholding of METS Iraq that was retained by Jarrett Asset Holdings Corporation.

Mr Paul Hayward, founder of the METS Group, will remain as Chairman of the METS Group whilst Mr Gareth McMurray will retain his position as Regional Manager in order to ensure the continued growth and success of the METS Group.

Commenting on the finalisation of the deal, Mr Anthony Diacono, Chairman of Medserv plc, said: “We are excited about the prospects that this acquisition brings to the table. Besides the strong presence in the Middle East which is in line with our strategy for geographic diversification, the synergies between the two groups of companies provides both METS and Medserv with an opportunity to grow and cross sell to their respective markets. The news has already been incredibly well received by our respective clients and we are already seeing the potential of the synergies come into play.”