Australian reproductive services provider, Virtus Health (ASX:VRT)
, has acquired a fertility clinic near Copenhagen, Denmark.
Virtus bought the Aagaard Fertility Clinic for a maximum of $16.5 million. This payment comprises $10.8 million at completion, plus an adjusted payment and earn-out based on EBITDA in the full year ending 31 December 2016.
Virtus and Aagaard will share their IVF technologies and explore opportunities to generate synergies over the longer term.
The company forecasts that the Aagaard acquisition will be earnings per share accretive on a full year 2017 basis.
Virtus Health posted a net profit of $34.9 million at 30 June 2016.