Shares of Pets at Home Group PLC (LON: PETS) soared around 4% today to record fresh record highs after acquiring The Vet Connection (TVC) for £15mln.
Pets said it will use existing cash reserves to fund the deal and acquire TVC, which is specialized in providing on-demand, 24/7 veterinary telehealth advice.
TVC is conducting over 7,000 consultations each month through a wide range of communication channels. In a fiscal year ending April 2020, TVC reported £700,000 in EBITDA.
“We recognise TVC’s exceptional telehealth capabilities and excellent service levels, as well as the opportunities arising from the scalability of their clinical protocols and proprietary telehealth platform, and look forward to incorporating their capabilities into our existing customer offer – across product, services and subscriptions – to enhance the overall customer experience, and help drive customer acquisition, retention and lifetime value,” Peter Pritchard, CEO of Pets at Home said.
Pets at Home share price gained around 4% to hit 441.6p, a new all-time high for the stock.
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