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CareTech shareholders approve £372M acquisition of Cambian Group

CareTech Holdings PLC's stockholders have approved a £372 million acquisition of Cambian Group PLC and an allotment of shares in connection with the deal.

CareTech is seeking to acquire all issued and outstanding common shares of Cambian by exchanging 0.267 new CareTech shares and 100 pence, or £1.90, in cash for every share held by Cambian shareholders.

The deal is subject to approval from Cambian's shareholders and other approvals, and according to CareTech is expected to become effective Oct. 18.

CareTech Holdings PLC and its subsidiaries provide social care and support services for children, young people, and adults in the U.K. Cambian similarly provides specialist educational and behavioral health services for children in the U.K.