Benchmark Holdings offloads genetics unit

Aquaculture biotechnology company Benchmark Holdings has disposed of its genetics unit for an enterprise value of up to £260.0m.

Benchmark said on Monday that it will offload the division to Starfish Bidco, a wholly owned subsidiary of Novo Holdings, for an initial consideration of £230.0m and an additional contingent consideration of up to £30.0m. Completion of the disposal was expected to take place during Q125.

The AIM-listed firm stated the sale would enable it to focus on its advanced nutrition and health business areas, return capital to shareholders and create an opportunity to reduce complexity and streamline the business.

Benchmark also revealed that it will publish its full-year results on 12 December.

As of 0940 GMT, Benchmark shares were up 10.33% at 39.0p.

Reporting by Iain Gilbert at Sharecast.com