Surgical Science (SUS) M&A Announcement summary

Deal rationale and strategic fit

• Acquisition strengthens market leadership in ultrasound simulation, doubling pro forma sales and expanding product portfolio with innovative technologies and expertise in ultrasound training.

• Enables immediate direct presence in the U.K. and expands commercial footprint in the U.S., supporting global scaling and enhanced UK commercial presence.

• Intelligent Ultrasound's volumetric technology and niche reputation complement existing offerings, enabling cross-selling and enhanced customer value.

• Cardiff-based R&D team to become one of five global hubs, boosting development capacity and innovation.

• Acquisition aligns with strategy to broaden customer base, technologies, and skilled talent, following the sale of Intelligent Ultrasound's Clinical AI business.

Financial terms and conditions

• Offer of 13 pence per share values Intelligent Ultrasound at GBP 45.2 million (fully diluted), with an implied enterprise value of GBP 4.7 million after accounting for cash from a prior business sale.

• Shareholders will receive GBP 0.13 in cash per share, representing a 16.9% premium to the prior closing price.

• Acquisition to be financed with existing cash resources, a GBP 17 million bridge loan, and a facility from Danske Bank.

• No anticipated tax effects from the transaction structure.

Synergies and expected cost savings

• Estimated annual cost savings of GBP 1.5–2.0 million (SEK 20.9–28 million) from reduced listing, corporate, and resource costs.

• Revenue synergies expected from leveraging global distribution, cross-selling, and product bundling.

• Integration to enable scaling of recurring service revenues and operational efficiencies.