Creo Medical completes sale of interest in European subsidiary

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Creo Medical Group PLC on Wednesday said it has completed the sale of a 51% stake in its European subsidiary for net proceeds of around €30 million.

The Chepstow, Wales-based medical device company said the sale of 51% of Creo Medical SLU to Micro-Tech NL International BV has been completed, pending receipt of €30 million in net cash proceeds.

The firm said it expects to receive the net proceeds shortly, which will be used to strengthen its balance sheet.

Creo Medical said the deal will enable it to continue target investment in the growth of its core Creo and Kamaptive business.

Creo Medical shares were up 2.7% to 20.02 pence in London on Wednesday afternoon.

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