GMAA to Make Potential Acquisition

On January 8, 2023, GMAA confirmed that it was in late stage talks to acquire Specialist Aviation Services Limited. A UK-based helicopter emergency medical services, aircraft repairs, and maintenance services company, which generated £24MM of revenue in 2022. The negotiations are expected to conclude over the next few weeks. I’m a little concerned that management is announcing an acquisition so soon after it sold its US MRO business (perhaps timing is forced?), but overall I’m fine with it. The acquisition is in the Critical Mission business which is already growing and profitable. Pro forma for the US MRO sale, Gama is trading at a negative enterprise value. This doesn’t make sense to me. I think the stock is worth £1.14 at a bare minimum.