Optima Health shares fell 4.8% Monday after the UK corporate health solutions provider announced a £100 million acquisition of PAM Healthcare. The deal, conditional on Irish Foreign Direct Investment clearance, positions Optima as the market leader with a 15% proforma share.

Financing includes £70 million in new debt facilities from HSBC and Barclays, plus a £30 million bridge facility from Deacon Street Partners, controlled by substantial shareholder Lord Ashcroft. Optima plans to repay the bridge through a £35 million underwritten open offer at 175 pence per share, representing a 17.8% discount to the February 13 closing price.

The acquisition is expected to be accretive to earnings per share, increasing to over 25% EPS accretion by year three. PAM, established in 2004, generated £66.6 million revenue and £8.2 million adjusted EBITDA in 2025, serving over 1.5 million employees across 1,500 organizations. The combined entity anticipates annual revenue and cost synergies exceeding £5 million.