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Creo Medical Group PLC - Chepstow, Wales-based medical device company focused on the field of surgical endoscopy - Updates on its earn-out agreement related to the acquisition of Albyn Medical SL, now known as Creo Medical SL.
Firm acquired Albyn in July 2020 for €24.8 million, plus up to €2.7 million based on performance targets. 90% of Albyn’s share capital was acquired that July, with the remaining 10% to be acquired over the following two years for a consideration calculated against performance targets. In March 2022, the company confirmed that the targets for the 12-month period ending July 2021 had been achieved in full and that it had acquired 50% of the remaining 10% of Albyn’s share capital.
Today, Creo confirms that the targets for the 12-month period ending July 2022 have also been achieved in full. As a result, company acquires the remaining 5% of Albyn’s share capital for €1.2 million.
Current stock price: 26.82 pence
12-month change: down 74%
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