Science in Sport completes 'transformational' acquisition

UK-based sports nutrition company Science in Sport wrapped up its "transformational" acquisition of protein brand PhD Nutrition on Thursday, effectively doubling its size.

Science in Sport spent a total of £32m on PhD - £28.5m in cash, with the remaining £3.5m covered by way of the issue of 5.83m new ordinary shares to PhD's former owners.

In order to fund the cash consideration, the AIM-listed outfit issued 48.39m new ordinary shares at a placing price of 60p each.

Chief executive Stephen Moon, said: "This is a transformational deal for our business. It immediately doubles our size and accelerates our ambition to become a global leader in premium performance nutrition."

"SIS and PhD are two businesses that have complementary brands, products, operations and sales channels which together create a well-balanced, cash generative company with enhanced potential."

As of 0820 GMT, SIS shares had slipped 0.51% to 58.40p.