Charles Taylor nabs CEGA Solutions for £29.8m.

Insurance services provider Charles Taylor has acquired CEGA Solutions, a provider of technical medical assistance and travel claims management services, for up to £29.8m.

The deal was via a Charles Taylor subsidiary and added technical, high value-add services.

CEGA Solutions was the holding company of CEGA Group. Charles Taylor paid £23.8m on completions, of which £7m was paid in shares. A further £6m could be paid over the next two years, subject to performance, including up to 20% in shares.

"The transaction marks an important step forward in Charles Taylor's strategy to grow by developing new professional service business lines, which are closely-related to its core business, through targeted acquisitions," said Charles Taylor.

"The acquisition is Charles Taylor's second significant investment with the proceeds of its rights issue of March 2015 which have now largely been deployed," it added.

At 15:23 BST, shares in Charles Taylor were up 3.85% to 270p.