Medicover AB (publ) (OM:MCOV B) entered into an agreement to acquire a 68.3% stake in NIPD Genetics Limited from from Ellinas Finance Public Company Limited (CSE:ELF) and existing shareholders for €44.4 million on December 9, 2021. Under the terms, Medicover will acquire 68.3% stake in NIPD Genetics Limited for €44.4 million with no debt assumed, implying an enterprise value of €65 million. The acquisition will be funded with current committed debt facilities and consolidated when regulatory approval granted.

For the year ended 2020, NIPD Genetics Limited reported revenues of €16.2 million and number of employees amount to 170. The transaction is subject to customary merger control approvals and closing is expected in Q1 2022.