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Cryo-Cell buys cord blood bank company

Cryo-Cell International Inc. is acquiring all the assets of Cord:Use Cord Blood Bank Inc. in a $14 million deal.

Orlando, Fla.-based Cord:Use is an operator of public and family cord blood banks.

Cryo-Cell is paying Cord:Use $10.5 million in cash and issuing 470,430 of its common shares, with additional consideration subject to earnouts.

Cryo-Cell Chairman and co-CEO David Portnoy said the deal is expected to increase the company's revenues by about 20% and will be materially accretive to its 2019 earnings per share.