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IP Group to buy remaining 80 pct stake in Fusion IP

Reuters - UK Focus

Jan 23 (Reuters) - IP Group Plc (LSE: IPO.L - news) said it had agreed to buy the 80 percent stake it does not already own in Fusion IP (LSE: FIP.L - news) Plc for about 70 million pounds ($116.08 million) in stock.

The deal offers Fusion IP shareholders 0.446 IP Group shares for every share held, or a premium of about 27 percent to the stock's Wednesday close.

The deal values Fusion IP at 80.2 pence per share or about 87.8 million pounds.

IP Group currently owns a 20.1 percent stake in Fusion IP, which commercializes intellectual property developed at universities and similar establishments.