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FOR
RELEASE ON
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18 July
2024
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IP Group
plc - Portfolio company Intelligent Ultrasound Group to sell its
Clinical AI business to GE HealthCare for £40.5m
IP Group plc (LSE: IPO) ("IP Group"
or "the Group"), which invests in breakthrough science and
innovation companies with the potential to create a better future
for all, is delighted to note that
portfolio company Intelligent Ultrasound Group plc ("Intelligent
Ultrasound" or "the Company") has entered into a conditional sale
and purchase agreement for the sale of its Clinical AI business to
GE HealthCare for an enterprise value of £40.5m.
The proposed transaction values the
Company's Clinical AI Business at 33.8 times full year 2023
revenues, a premium of 70.9% to Intelligent Ultrasound's closing
share price yesterday. Following the sale, Intelligent Ultrasound
will retain its simulation business, which generated total revenues
of £10m in 2023.
In addition, Intelligent Ultrasound
announced that its Board intends to make a material return of
capital following a review of the growth potential and capital
requirements of the post-transaction business. IP Group has an
undiluted beneficial holding of 20.8% in Intelligent Ultrasound. In
addition, the Group's EIS fund management business, Parkwalk, holds
11.0% of Intelligent Ultrasound.
Intelligent Ultrasound expects to
make an announcement detailing the proposed use of funds and future
strategic direction for the post-transaction business by the time
of completion, which, dependent on the timing of the Regulatory
Consents, is expected to be in September/October this
year.
The transaction is subject to
shareholder approval under AIM Rule 15, as well as confirmations
from the Competition and Markets Authority under the Enterprise
Act, and the Investment Security Unit under the National Security
and Investment Act, that they do not oppose the
transaction.
For
more information, please contact:
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IP Group
plc
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www.ipgroupplc.com
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Liz Vaughan-Adams, Communications
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+44 (0) 20 7444 0062/+44 (0) 7967
312125
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Portland
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Alex Donaldson
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+44 (0) 7516 729702
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Notes for editors
About IP Group
IP Group accelerates the impact of science for a better
future. As the most
active UK
based, early stage science
investor, we
develop and support some of
the world's most exciting businesses in deeptech, life sciences and cleantech (led by
Kiko Ventures). Through Parkwalk, the UK's
largest growth EIS fund manager, we also back world-changing
innovation emerging in leading universities and research
institutions. Our
specialist investment team combines sector expertise with an
international approach. Together we have a strong track record of
success, having backed high-profile companies including Oxford
Nanopore Technologies plc, First Light Fusion, Hysata, and Oxa. IP
Group is listed on the Main Market of the London Stock Exchange
under the code IPO. For more
information, please visit our website at www.ipgroupplc.com.
ENDS