Wesfarmers’ wholly-owned subsidiary Australian Pharmaceutical Industries (API) is set to acquire 100 per cent of specialist skincare clinic chain Silk Laser Clinics as part of a Scheme Implementation Deed.

According to an ASX filing, the deal represents an “implied equity value for Silk of approximately $180 million, based on 53.76 million fully diluted shares outstanding”.

The deed marks a cash consideration of $3.35 per share allowing the payment of a fully-franked dividend of up to a maximum of 10 cents per share. The offer is 20 cents per share higher than API’s original bid.

The Silk board has “unanimously” recommended that the business’ shareholders vote in favour of the scheme though it is subject to customary approval from competition regulators on both sides of the Tasman, and the courts.

Wilson Asset Management Group owns a 9.3 per cent shareholding in Silk Laser Clinics.

Wesfarmers Health MD, Emily Amos, said that the acquisition would “complement” the division’s existing Clear Skincare Clinics.

“Wesfarmers Health’s acquisition of Silk would provide Silk franchisees and business owners with the benefits associated with being part of a broader healthcare, wellness and beauty network and access to capital to support future growth.”

She added the acquisition would provide “scale and efficiency benefits” through an expanded presence in a growing market for aesthetic products and services.

In April, Silk founder and MD, Martin Perelman, said the company’s board feels it is in the “best interests of shareholders to engage with API”.

A scheme meeting will be held on October 23 and if approved, Silk will become part of Wesfarmers Health.

Silk Laser Clinics offer a range of non-surgical aesthetic products and services including cosmetic injectables, laser hair removal, skin treatments and body contouring.