Saga swoops for Allied in £106m deal
Allied Healthcare International has been snapped up by Saga in a deal worth $175m (£106m). Healthcare provider Allied, which has its UK headquarters in Staffordshire, said shareholders unanimously came to the decision to sell.
Saga said its offer of $3.90 per share was a 59 per cent premium on Allied's closing price on 28 July, which was $2.45.
Allied Healthcare has a network of 120 locations which offer home healthcare across the UK and Ireland. Saga, based in Kent, specialises in providing insurance, holidays and healthcare to the over 50s.
The deal is not subject to financial conditions and is expected to complete before the end of the year.
Sandy Young, chief executive officer of Allied, said: "After a robust examination of the strategic alternatives available to the company, our board unanimously concluded that this transaction is in the best interests of our company and shareholders."
John Ivers, chief executive officer of Saga Healthcare, said: "Our strategic intent has been to grow our healthcare division organically and through carefully selected acquisitions. I am therefore delighted that Allied is joining the Saga Group. Saga will be the UK's pre-eminent provider of domiciliary care."
