Cordlife Group Limited (SGX:P8A) acquired HealthBaby Biotech (Hong Kong) Co., Limited from Chang Hsiu-Kang for $27.2 million (approximately HKD 210 million) on January 2, 2018. Cordlife Group Limited acquired 16 million shares of HealthBaby Biotech (Hong Kong) Co., Limited. Cordlife Group Limited paid a deposit of $0.5 million (HKD 3.9 million) and the balance cash consideration $6.5 million (HKD 50.8 million) upon completion. The remainder of cash consideration amounting to $2.5 million (HKD 19.7 million) shall be paid after the accounts have been reviewed. As part of the transaction, Cordlife Group Limited also assumed debt of Chang Hsiu-Kang of HKD 138.2 million owed to HealthBaby Biotech (Hong Kong) Co., Limited. The consideration shall be subject to adjustment in accordance with balance sheet of HealthBaby Biotech (Hong Kong) Co., Limited made up as at January 2, 2018 and the profit and loss account of HealthBaby Biotech (Hong Kong) Co., Limited for the period from January 1, 2017 to January 2, 2018. If the adjusted cash consideration finally determined is less than the consideration, then Chang Hsiu-Kang shall be liable to pay to Cordlife Group Limited an amount in cash equal to such shortfall. If the adjusted cash consideration finally determined is greater than the consideration, then Cordlife Group Limited shall be liable to pay to Chang Hsiu-Kang an amount in cash equal to such excess. In a related transaction, Cordlife Group Limited acquired 1% stake in HealthBaby Biotech (Macau) Co., Limited from BIO HK Limited. Cordlife Group Limited will fund the transaction through combination of internal sources of funds of $40.1 million (HKD 313.5 million) and external borrowings. The balance cash consideration $6.5 million (HKD 50.6 million) was paid from the private placement proceeds of October 2, 2013. After the transaction, HealthBaby Biotech (Hong Kong) Co., Limited operates as a wholly owned subsidiary of Cordlife Group Limited. HealthBaby Biotech (Hong Kong) Co., Limited reported net profit of approximately HKD 12.7 million during the year ending October 31, 2017. The transaction is expected to earnings accretive to Cordlife Group Limited. Cordlife Group Limited (SGX:P8A) completed the acquisition of HealthBaby Biotech (Hong Kong) Co., Limited from Chang Hsiu-Kang on January 2, 2018.