Queensland, Australia-based National Veterinary Care Ltd. is being acquired by privately held VetPartners Pty. Ltd. for A$3.70 per share in cash.

National Veterinary Care's stock was up by 52.54% to A$3.60 at market close Dec. 16 on the Australian Securities Exchange.

Under the scheme implementation deed, New South Wales, Australia-based VetPartners will acquire 100% of the issued share capital of National Veterinary Care for a consideration that implies a fully diluted market capitalization of about A$251.5 million, and an enterprise value of roughly A$325.5 million.

Tomas Steenackers, National Veterinary Care's managing director, said both companies will continue to provide its services across Australia and New Zealand.

The transaction has been approved by National Veterinary Care's board. The scheme is expected to be completed by early April 2020, subject to the approval of National Veterinary Care's shareholders, the relevant court and the country's Foreign Investment Review Board.

National Veterinary Care offers veterinary services in Australia and New Zealand, while VetPartners owns and operates more than 140 veterinary clinics in the two countries plus Singapore.