Optima Health wins Irish regulatory approval to complete £100 million PAM Healthcare acquisition

Optima Health, a UK-listed occupational health company trading on AIM, has cleared its final regulatory hurdle after Ireland's Minister for Enterprise, Trade and Employment granted approval for its £100 million purchase of PAM Healthcare Limited, with completion of the deal expected within days.

The clearance was granted under Section 16(3)(a)(i) of the Screening of Third Country Transactions Act 2023, removing the last outstanding condition attached to the acquisition, which was first announced conditionally on 16 February 2026.

PAM Healthcare operates as an occupational health and wellness service provider across both the UK and the Republic of Ireland, making the transaction directly relevant to private healthcare capacity in the Irish market.

Optima is funding the deal through a combination of £70 million in new secured debt facilities arranged with HSBC and Barclays, alongside a £30 million unsecured short-term bridge facility provided by Deacon Street Partners Limited, an entity controlled by Lord Ashcroft, a substantial shareholder in the company.

To repay the bridge facility and associated transaction costs, Optima plans to launch an underwritten open offer targeting approximately £35 million. Qualifying shareholders will be offered new ordinary shares at 175 pence each, representing a discount of approximately 17.8% to the closing mid-market price of 213 pence recorded on 13 February 2026. Deacon Street has agreed to underwrite the offer.

A shareholder circular and notice of general meeting will follow completion, seeking independent shareholder approval for a waiver of Rule 9 of the City Code on Takeovers and Mergers in connection with Deacon Street's underwriting role.

Explore the full details of the acquisition and its implications for occupational health provision across Ireland in the complete report by Investing.com.