Induction Healthcare Group PLC (AIM:INHC) entered into conditional share purchase agreement to acquire Zesty Limited from James Balmain and others for £12.7 million on May 18, 2020. Under the terms of the transaction, Induction Healthcare will pay £0.5 million in cash plus the issue of 12,424,527 new ordinary shares. The issue of the new shares is conditional, inter alia, upon the approval by shareholders of the resolutions to be sought at the general meeting convened for June 5, 2020. On completion of the acquisition, Zesty will become a wholly owned subsidiary of the Induction Healthcare. James Balmain will be appointed to the position of Joint-Chief Executive Officer of the Induction Healthcare Group, a role that will be shared with Hugo Stephenson, current Chief Executive Officer. Andrew Williams will be appointed to the Induction Board at completion of the acquisition. On or shortly following completion of the acquisition, it is anticipated that Ibraheem Mahmood will step down from the Board of Directors of Induction Healthcare. However, he will continue in a business development role. Services Innovants Santé Autonomie, FPCI and Andrew Goodwin each is entitled to appoint a person to be an observer at meetings of the Board. This transaction is conditional upon despatch of circular to shareholders, shareholders approving the resolutions to be proposed at the general meeting, the exercise and / or waiver and / or lapse in full of all of the existing share options granted to employees of Zesty and the allotment and issue by Zesty of ordinary shares in the capital of Zesty pursuant to the relevant exercised share options and the conversion in full of certain shareholder loans made by certain shareholders in Zesty. The Directors of Induction Healthcare unanimously recommend that shareholders vote in favour of the resolutions to be proposed at the general meeting. And it is expected that completion of the acquisition will take place on June 8, 2020 and that admission of the new ordinary shares will take place on or about June 9, 2020. James Black, Freddie Barnfield, Huw Jeremy and Matthew Jones of Numis Securities Limited acted as a financial advisor to Induction Healthcare Group. Goodwin Procter LLP acted as a legal advisor to Zesty Limited. Induction Healthcare Group PLC (AIM:INHC) completed the acquisition of Zesty Limited from James Balmain and others on June 9, 2020.