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Capita snaps up Premier Medical Group for £60 million in cash

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FTSE 100 constituent The Capital Group (LON:CPI) has snapped up medical reporting and screening services company Premier Medical Group for £60 million in cash.

Capita stated that the bolt on acquisition would add ‘depth and breadth’ to its existing health market services, including the NHS Choices programme, health informatics firm, CHKS, and the administration of the both the Information Standard for healthcare information and the payment of national health patient fees to dentists on behalf of NHS BSA.

"This acquisition will add important new expertise to Capita's range of health services, enabling us to provide of a full suite of medical reporting and screening services. The deal also further demonstrates Capita's commitment to, and investment in, the health sector,” commented Paul Pindar, Chief Executive of The Capita Group.

The Premier Medical Group has approximately 285 staff working from four offices in the United Kingdom. For the 12 month period ended December 2010, the company is forecast to generate an operating profit of £8 million on turnover of £51.2 million, implying The Capita Group paid 1.15 times 2010 revenues.

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Price: 172.95 GBX

LSE:CPI
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Market Cap: £2.89 billion
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