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CareTech acquisition of Cambian given the all-clear

Specialist care provider CareTech’s acquisition of Cambian will now go ahead after the Competition and Markets Authority (CMA) gave the deal the all-clear.

Under the terms of the reverse merger, CareTech will pay £372 million for Cambian – leaving Cambian shareholders with around 36% of the enlarged company’s shares.

The deal will create Britain’s second biggest social care operator by revenue, controlling 4% a £16 billion UK market.

The CMA launched an investigation in October 2018 amid fears that the acquisition would threaten competition and lead to excessive market power.

Farouq Sheikh, Executive Chairman of CareTech, said: "We are delighted by the CMA's decision and would like to place on record our appreciation to all involved during the CMA process particularly the executive teams at CareTech and Cambian. We will now move forward with the integration, creating value for all our stakeholders through the highest quality service offerings and significant synergies."

Posted on: 08/02/2019

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