01846.HK intends to acquire a premium vision correction services business to enter the high-end market of refractive surgery and presbyopia surgery in London

On January 20, 01846.HK announced that on January 20, 2022, the Company, EuroEyesUK, the legal owner, partners and seller LVC Partnership entered into a share purchase agreement, pursuant to which EuroEyesUK agreed to the acquisition and the legal owner agreed to sell all the shares of the target company, London Vision Clinic Partners Limited.

Subject to the terms and conditions set out in the Share Purchase Agreement, the consideration for the sale of shares shall be paid in the following manner: (a) the cash consideration for completion;

Upon completion, the Vendor (or the partner nominated under the terms and conditions of the Share Purchase Agreement) will hold approximately 1.20% of the issued share capital of the Company after the allotment and expansion of the Consideration Shares issued and issued. The Completion Consideration Shares will be issued at an issue price of HK$8.323 per Completion Consideration Share, representing a discount of approximately 11.1% from the closing price of HK$9.36 per share on 20 January.

The target company is a limited company incorporated in England and Wales and mainly provides quality vision correction services, including PRK, LASIK, SMILE, post-type intraocular lens (ICL) implantation and refractive cataract surgery. The target company has a global reputation for its meticulous and comprehensive testing and diagnostic capabilities, as well as its expertise in training specialist surgeons and handling complex cases, and has been a market leader and price leader in the UK. The target company is one of the UK's leading providers of laser vision correction solutions for the treatment of presbyopia.

London Vision Clinic Training is a wholly-owned subsidiary of a company incorporated in England and Wales and a target company. With the incorporation of London Vision Clinic Training on August 25, 2021, it will commence its post-acquisition business and will focus on providing online and offline training related to refractive surgery. Professor Reinstein will be one of the keynote speakers and trainers at London Vision Clinic Training.

The Group has been actively seeking market opportunities to expand its service network, thereby enhancing synergies and benefiting the Group's ophthalmic services. The Directors considered the Acquisition to be a good opportunity for the Group to enter the high-end markets of refractive surgery and presbyopia surgery in London and to expand its business.

Upon completion of the acquisition, Prof Reinstein will also serve as Medical Director of the Group's International Medical Advisory Board. Given Professor Reinstein's expertise, the Board believes the move will give the Group access to more patients who may have presbyopia early on. The Directors believe that the acquisition will support the long-term growth of the Group's revenue and profit.

This article originated from Grand Gateway