Greenbrook TMS To Acquire Achieve TMS East/Central, Raises $10M To Fund Deal

Greenbrook TMS To Acquire Achieve TMS East/Central, Raises $10M To Fund Deal
  • Greenbrook TMS Inc GBNH has agreed to acquire Achieve TMS East LLC and Achieve TMS Central LLC.
  • Greenbrook is a provider of Transcranial Magnetic Stimulation (TMS) therapy in the U.S.
  • The deal value includes $8 million net of Achieve TMS' cash and debt.
  • In addition, earn-out of up to an additional $2.5 million is based on the financial performance of Achieve TMS East.
  • The acquisition of Achieve TMS East and Achieve TMS Central will enhance Greenbrook's position add 17 TMS centers to the Company's existing service delivery platform, for a total of 149 TMS centers.
  • The Company will sell 1.3 million shares at $7.75 (C$9.93) per Common Share for gross proceeds of $10.07 million.
  • The offer price is at a discount of 16.40% to the last close price of $9.27 on Tuesday.
  • Underwriters have an option to purchase an additional 195,000 shares. If exercised in full, gross proceeds would reach $11.6 million.
  • Price Action: GBNH stock traded 18.20% lower to $7.58 in the market session on the last check Wednesday.

Posted In: BriefsM&ANewsHealth CareFinancingOfferingsMoversTrading IdeasGeneral