Greenbrook TMS Inc. (TSX: GTMS) (“Greenbrook” or the “Company”) is pleased to announce the closing of the acquisition of Achieve TMS Centers, LLC and Achieve TMS Alaska, LLC (collectively, “Achieve TMS”), as previously announced on September 11, 2019 (the “Acquisition”).
The initial purchase price for Achieve TMS was US$10.5 million, net of Achieve TMS’ cash and debt and subject to customary working capital adjustments. Approximately US$2.6 million was satisfied by the issuance of 1,431,736 common shares of Greenbrook. A portion of the purchase price payable in respect of the Acquisition is subject to an earn-out based on the EBITDA achieved by Achieve TMS during the twelve-month period following the closing of the Acquisition.
Bill Leonard, President and CEO commented: “The closing of this acquisition will provide Greenbrook with a national footprint of over 100 TMS Centers, solidifying our position as a leading provider of Transcranial Magnetic Stimulation (TMS) therapy in the United States. We look forward to continuing to increase awareness of, and accessibility to, TMS in collaboration with our
new colleagues at Achieve TMS.”
Date: October 01, 2019
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Source: Bloomberg
