Monash IVF (ASX:MVF)
is set to acquire ART Associates Queensland in Brisbane for initial cash consideration of $3.9 million.
According to Monash, ART Associates Queensland includes six fertility specialists who have worked together for several years and will join the Monash IVF clinician network.
The deal includes the potential of additional earn out payments over a five to seven year period from completion.
Following completion, Monash IVF said that it will have attracted eight new fertility specialists in Brisbane during 2022, which complements its ten existing fertility specialists in the Brisbane region.
The deal is set to be completed in September this year, and is expected to be funded through Monash IVF's existing debt facilities.
“The acquisition of ART Associates Queensland, will provide us with strong growth opportunities in the Brisbane region, building on our existing fertility specialists and IVF service teams,” said chief executive officer Michael Knaap.
Shares are trading 4.3 per cent higher at 98 cents.