Eolas Medical Ltd acquired Horizon Strategic Partners Ltd from Induction Healthcare Group PLC (AIM:INHC) for £1.2 million on July 1, 2024. The total consideration of £1.2 million comprises of £0.4 million will be paid in cash and £0.8 million will be deemed to be paid to Induction and immediately advanced to Eolas as a loan pursuant to a convertible loan agreement between Induction and Eolas, with a maturity date of 31 May 2027. In certain circumstances, Induction can, inter alia, either require full repayment of the Loan or convert the Loan into ordinary equity in Eolas.

As of September 30, 2023, Horizon Strategic Partners Ltd reported net assets of £1.2 million.

Philip Davies, Alaina Wong of Singer Capital Markets Limited acted as financial advisors to Induction Healthcare Group PLC.

Eolas Medical Ltd completed the acquisition of Horizon Strategic Partners Ltd from Induction Healthcare Group PLC (AIM:INHC) on July 1, 2024.