Greenbrook TMS To Acquire Achieve TMS East/Central, Raises $10M To Fund Deal

Greenbrook TMS Inc GBNH has agreed to acquire Achieve TMS East LLC and Achieve TMS Central LLC.
Greenbrook is a provider of Transcranial Magnetic Stimulation (TMS) therapy in the U.S.
The deal value includes $8 million net of Achieve TMS' cash and debt.
In addition, earn-out of up to an additional $2.5 million is based on the financial performance of Achieve TMS East.
The acquisition of Achieve TMS East and Achieve TMS Central will enhance Greenbrook's position add 17 TMS centers to the Company's existing service delivery platform, for a total of 149 TMS centers.
The Company will sell 1.3 million shares at $7.75 (C$9.93) per Common Share for gross proceeds of $10.07 million.
The offer price is at a discount of 16.40% to the last close price of $9.27 on Tuesday.
Underwriters have an option to purchase an additional 195,000 shares. If exercised in full, gross proceeds would reach $11.6 million.
Price Action: GBNH stock traded 18.20% lower to $7.58 in the market session on the last check Wednesday.