CareTech Holdings PLC has completed a £372 million acquisition of U.K.-based Cambian Group PLC following a court approval of the deal.

Cambian shareholders will now own about 33% of the merged company, with CareTech stockholders owning the remaining 67%. Under the agreement, U.K.-based CareTech was 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. Cambian's shares will delist from the London Stock Exchange on Oct. 19 and CareTech expects its 33,188,817 new shares to start trading on the AIM on the same date.

Cambian's Chairman Christopher Kemball; CEO Saleem Asaria; CFO Anoop Kang; and directors Alfred Foglio, Graham Rich, Mike Butterworth and Donald Muir have resigned from the board, effective Oct. 18.

Rothschild acted as lead financial adviser for Cambian, while Investec and J.P. Morgan Cazenove served as financial advisers and joint corporate brokers. Jefferies served as financial adviser for CareTech, and Panmure acted as nominated adviser and as joint corporate broker along with WH Ireland.

U.K.-based CareTech provides social care and support services for children, young people and adults in the U.K., while Cambian is engaged in providing specialist educational and behavioral health services for children in the U.K.