It may be only eight days until Christmas but it seems the only thing that can slow down the M&A boom on the ASX is regulators.

Just three days after getting an offer to buy out the company, fertility company Virtus Health (ASX:VRT) gave an update to shareholders on its efforts to buy Adora Services from Healius (ASX:HLS) for $45 million.

Virtus has been trying since August but the ACCC has refused to back it. While not making a formal decision – which in any event would not be an impediment to the deal proceeding given its size – it has raised concerns privately to the Virtus about the impacts of competition.

The company told shareholders this morning it has given up.

While it was disappointed it said it would continue to pursue its strategic growth plans.

Virtus (ASX:VRT) share price chart

 

Other deals

However a handful of other deals were announced this morning. Arguably the most noteworthy was fintech lender MoneyMe (ASX:MME) buying industry peer SocietyOne.

While MoneyMe has been listed on the ASX for over two years, SocietyOne has been trying for some months but has not been successful.

As The Australian reported in October, SocietyOne had deferred plans to list until 2022 while still committing to the goal. But now it will be listed as a part of MoneyMe.

MoneyMe told shareholders the deal would result in a 72% hike to its loan book size to $934 million, an 86% hike in revenue as well as pre-tax cost and revenue synergies of over $15 million each.

SocietyOne has been offered 75.2 million MoneyMe shares, worth $132 million based on yesterday’s closing price.

MoneyMe boss Clayton Howes said the deal combined two of the most widely recognised consumer credit disruptors and it would deliver scale advantages and revenue opportunities.

“The strategic value is immense for both businesses and we are incredible excited,” he said.

“We are excited to be leading industry consolidation and fast tracking our journey to become the number one non-bank credit provider in Australia.”

Also announcing a deal was Dusk Group (ASX:DSK), a company that sells home fragrance products and is up over 50% since its IPO last year.

Dusk will be splashing out $28 million to buy industry competitor Eroma Group.

Like MoneyMe, Dusk told its shareholders the deal would increase its market and scale as well as delivery cost and revenue synergies.

And The Sustainable Nutrition Group (ASX:TSN) announced it was buying The Australian SuperFood Company for $3 million.

This company produces Australian native indigenous foods and ingredients, beverages, nutraceuticals and cosmetics.

TSN will fund the deal partially through a capital raise but given the shares were at a discount to yesterday’s price, shares fell accordingly.

MoneyMe (ASX:MME), Dusk Group (ASX:DSK) and The Sustainable Nutrition Group (ASX:TSN) share price chart

 

At Stockhead, we tell it like it is. While MoneyMe is a Stockhead advertiser, it did not sponsor this article.

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