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UK's behavioural health services provider, Cambian Group Plc, tabled on Monday its plan to sell its adult services business to a unit of Universal Health Services Inc. for 377 million pounds ($478 million) in cash.
Cambian said the sale will allow it to concentrate on its children's services, where it sees 'significant opportunities' for growth.
The sale price represents an enterprise valuation of about 2.9 times the 129.5 million pounds earned by the adult services unit in 2015.
The company said majority of the disposal proceeds will be used to repay its existing indebtedness in full and, subject to certain conditions, to return GBP40.0 million to its shareholders.
