NMC acquires stakes in UAE, Saudi healthcare firms for $207 mln

22/01/2018 Argaam

 

London-listed NMC Health on Monday said it has acquired majority stakes in two UAE- and Saudi-based healthcare companies for $207 million.

 

The company purchased 70 percent stake in CosmeSurge and related businesses from Abu Dhabi-based Emirates Healthcare Group for $170 million, it said in a statement.

 

The transaction includes 17 operational clinics, a 10-bed hospital and two new clinics that are currently under construction in the UAE.

 

Separately, NMC acquired an 80 percent stake in Al Salam Medical Group, a healthcare company in Riyadh for $37 million. The deal includes 100-bed Al Salam Medical Hospital, Al Salam Medical Center and the Ishbilia Medical Center.

 

Both the transactions are expected to be completed in H1 2018, the statement added.

 

Additionally, NMC signed new operations & management (O&M) contracts with Emirates Healthcare Group to manage their Egyptian hospitals that have a combined capacity of 860 beds. The contract will generate revenues of $2 million in the first year of operation, the statement said.

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