Optima Health (OPT): PAM Healthcare acquisition

This situation live

£268m · 243.5p · +14% since the first step

31 Mar 2026 · Completed 26 March; open offer launched to repay bridge · +6% until the next step The Acquisition completed on 26 March 2026.

Large acquisition / reverse takeover

PAM Healthcare acquisition

Completed and funded; integration under way

Next: deliver remaining synergies towards £5m target

Every step · 7

16 Feb 2026 Agreement signed 14 Feb; awaiting Irish FDI clearance – Completion of the Acquisition is only conditional on clearance being obtained from the Irish Foreign Direct Investment regime ↗
23 Mar 2026 Signed; awaiting completion; CFO handover planned – Subject to the successful completion of the recently announced acquisition of PAM Healthcare, Optima will appoint Andrew Bones as Interim Chief Financial Officer. ↗
24 Mar 2026 Unconditional; completion expected on or around 26 March – As a result, the Acquisition is now unconditional and is expected to complete on or around 26 March 2026 ("Completion"). ↗
31 Mar 2026 Completed 26 March; open offer launched to repay bridge – The Acquisition completed on 26 March 2026. ↗
17 Apr 2026 Completed 26 March; open offer pending – The recent acquisition of PAM, which completed on 26 March 2026, positions the enlarged Group to capitalise on the growing market opportunity, whilst... ↗
16 Jun 2026 Completed and funded; integration under way – Integration activity is well underway with annualised synergies of £1.3 million already delivered as of 1 June 2026 ↗
17 Aug 2026 Completed and funded; integration under way – Integration of PAM progressing to plan, with £2.1 million of annualised cost synergies delivered or in the process of being delivered as at 31 July 2026,... ↗

What is happening

Optima Health: PAM Healthcare acquisition – Completed and funded; integration under way. ['Completed and funded; integration under way']

In short: Optima signed the c.£100m cash PAM deal on 16 February 2026 and completed it on 26 March, funded by bank debt and a £30m bridge. The underwritten open offer (24 April) repaid the bridge. The audited FY26 results show net debt of £94.4m at 31 March and synergies delivered or in progress rising to £2.1m by 31 July, from £1.3m by 1 June.
Announced: 16 Feb 2026 · Agreement signed 14 Feb; awaiting Irish FDI clearance
Latest: 17 Aug 2026 · Completed and funded; integration under way
Underwriter: Deacon Street (Lord Ashcroft) underwrites up to £35m; LA Concert Party could reach up to 40.56% of voting rights
Synergies: £2.1m annualised cost synergies delivered or in progress at 31 July 2026; £5m medium-term target
Medium-term targets: £200m revenue and £40m adjusted EBITDA, which PAM synergies should help reach
Price: c.£100m total consideration; completed 26 March 2026
Funding: Bank debt plus £30m bridge, repaid from c.£35.0m gross open offer proceeds
Net debt: £94.4m excluding leases at 31 March 2026, including the £30m bridge
PAM result: Unaudited 2025 revenue £66.6m, adjusted EBITDA £8.2m
Targets: Medium-term £200m revenue and £40m adjusted EBITDA (20% margin)

deliver remaining synergies towards £5m target.

From the company's own announcements. Not investment advice.

Briefing Pro

What it does, how it got here, what management promised and delivered – written from its own announcements.

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