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Virtus Health to acquire 90% of UK fertility clinic

Australia's Virtus Health Ltd. will acquire 90% of U.K.-based Complete Fertility Ltd. for about £5 million, or about A$8.8 million.

Complete Fertility is based at the Princess Anne Hospital in Southampton, England. The fertility clinic posted normalized EBITDA of £795,000 for the year ended March 31, 2017.

Virtus Health said it will fund the cash-free, debt-free consideration through its existing cash and debt resources. The transaction is expected to be finalized at the end of March, subject to regulatory conditions.

"The U.K. is a target market for Virtus and this acquisition adds to Virtus' international growth strategy," Virtus Health Group CEO Sue Channon said in a news release. The transaction follows similar fertility clinic acquisitions in Denmark and Ireland.