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.
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Mears will improve its liquidity significantly with this deal and continue to focus on its core business – providing specialist housing solutions.
Mears share price erupted over 40% to trade at 169p, the highest levels recorded since in four months.
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