Animalcare Group has completed the acquisition of Australian equine veterinary business, Randlab, for £62.2m.

The York-based supplier of veterinary pharmaceutical products used cash from existing resources and committed debt facilities, as well as £20m, to fund the deal, which was announced last month.

Animalcare had previously raised £20m through an oversubscribed placing and subscription, after placing around 8.6 million shares at a price of 232.5 pence per share.

Following the announcement of the deal last month, chief executive at Animalcare, Jenny Winter, stated: "We are delighted to have reached an agreement to acquire Randlab subject to completion of the transaction. This is a highly attractive opportunity to acquire a market-leading equine asset in Australia that is expected to deliver significant earnings accretion in 2025.

"This is a transformational deal that provides an excellent fit with our growth strategy and is complementary to our product portfolio. Not only will this acquisition significantly elevate the group's offering in a growing equine market, it will also open wider opportunities in a commercially and regulatorily aligned business environment."

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