Shares of Optima Health (LSE:OPT) dropped 4.8% on Monday after the UK-based provider of technology-enabled corporate health and wellbeing services revealed a deal to purchase PAM Healthcare Limited for roughly £100 million.
The transaction remains subject to approval under Ireland’s Foreign Direct Investment rules. To fund the purchase, Optima has secured £70 million in new borrowing facilities from HSBC and Barclays, alongside a £30 million bridge loan from Deacon Street Partners Limited, which is controlled by major shareholder Lord Ashcroft.
The company plans to refinance the bridge facility through a fully underwritten £35 million open offer priced at 175 pence per share — a 17.8% discount to the February 13 closing price. The equity raise is expected to proceed after the acquisition is finalized.
Management said the deal should enhance adjusted earnings per share beginning in the first full financial year after completion, with EPS accretion projected to exceed 25% by the end of year three. On an unaudited pro forma basis, the combined group is expected to generate more than £26 million in underlying adjusted EBITDA before accounting for synergies.
“This transformational acquisition underscores our intent in delivering our stated strategic objectives and cements Optima’s position in its attractive and growing market,” said Jonathan Thomas, Chief Executive Officer of Optima Health.
Founded in 2004, PAM reported unaudited revenue of about £66.6 million for the year ended December 31, 2025, alongside adjusted EBITDA of £8.2 million. The business serves more than 1.5 million employees and works with over 1,500 organizations.
Following the acquisition, Optima is set to become the clear market leader, with an estimated 15% pro forma market share. The transaction also advances the company toward its longer-term goal of reaching a 25% share of the market. Management expects annual revenue and cost synergies to surpass £5 million once the integration process is complete.
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