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Australia's Apiam closes acquisition of veterinary services provider

Apiam Animal Health Ltd. completed the acquisition of Gympie & District Veterinary Services for about A$4.9 million.

The Australian animal health company paid A$4.5 million up front, while A$400,000 will be a deferred payment.

Apiam, which provides products and services to production and mixed animals, said the acquisition was funded 70% in cash and 30% in shares. Apiam will issue to the owners of Gympie 1,841,244 shares at 73 Australian cents apiece. Half of these shares will be held in escrow for one year, while the remaining will be held for two years.

Southeast Queensland, Australia-based Gympie has two practices, which provide services for agricultural and companion animals. Gympie will operate as part of a regional group with Apiam's existing mixed animal clinics.