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UK health firm Cambian to sell adult services unit for 377 mln stg

Reuters

(Reuters) - Cambian Group Plc (CMBNC.L), a behavioural health services provider, said it would sell its adult services business to a unit of Universal Health Services Inc (UHS.N) for 377 million pounds ($478 million) in cash.

The sale, expected to be completed by the end of this year, will allow the company to focus on its children's services, where it sees 'significant opportunities' for growth, Cambian said.

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.

Cambian said the bulk of proceeds will be used to pay down debt and the company intends to return 40 million pounds to shareholders after the deal closes.

(Reporting by Noor Zainab Hussain in Bengaluru; Editing by Vyas Mohan)