Medical diagnostic services provider Sonic Healthcare Limited
(ASX:SHL) will acquire Belgian laboratory group Medhold Group for an enterprise value of $367 million.
The purchase price represents earnings before interest, tax, depreciation and amortisation of around 8.4 times before synergies.
Sonic says the acquisition will be immediately earnings per share accretive and will be funded from existing cash and debt facilities.
CEO Colin Goldschmidt says the acquisition further strengthens Sonic’s position as the clear leader in European laboratory medicine and presents new opportunities for growth in markets suited to the company’s operations.
Sonic Healthcare posted a profit of $171.36 million for the 2009 financial year.
