new-recommended-broker-banner new-recommended-broker-banner

Mears Share Price Explodes After Selling TerraQuest in a Deal Worth Up To £72m

Updated: 6 Nov 2020

Shares of Mears Group PLC (LON: MER) skyrocketed nearly 41% today after the company said it agreed to sell its TerraQuest unit to private wealth management funds in a deal worth up to £72 million.

Mears, a housing and social care provider, will receive a minimum of £61.8 million in cash, in addition to an adds-on payment of £5 million dependent of the performance to the end of December 2021, and a further £3.2 million in interest-bearing loan notes.

“TerraQuest has been a great success story within the Mears Group. Through the provision of both financial and intellectual capital we have created a leading digital and technical services provider to the planning, infrastructure and property sectors across the UK,” Chief executive officer David Miles said.

new-recommended-broker-banner

Mears will improve its liquidity significantly with this deal and continue to focus on its core business – providing specialist housing solutions.

Mears share price skyrockets on £72m of its business November 2020

Mears share price erupted over 40% to trade at 169p, the highest levels recorded since in four months.

PEOPLE WHO READ THIS ALSO VIEWED:

CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage . 75 % of retail investor accounts lose money when trading CFDs with this provider . You should consider whether you understand how CFDs work, and whether you can afford to take the high risk of losing your money .