1st Jun 2015 06:39
LONDON (Alliance News) - Bank of Georgia Holdings PLC on Monday said its healthcare subsidiary has struck a deal to acquire a 50% stake in a Tbilisi hospital.
FTSE 250-listed Bank of Georgia did not provide any financial details on the transaction, but said that its Georgia Healthcare Group unit will acquire a 50% equity interest in GNCo, which owns the High Technology Medical Center University Clinic in Tbilisi, the Georgian capital.
The 450-bed hospital provides a range of in-patient and out-patient services, including the country's largest oncology radiotherapy department.
The deal will mean the Georgia Healthcare portfolio comprises 41 facilities and 2,670 beds across Georgia.
"I would like to congratulate our healthcare team on the completion of this substantial transaction, which solidifies our franchise in the capital city. With this acquisition, our healthcare business is very well positioned for its planned international stock market listing in the second half of 2015. Furthermore, our healthcare team will shift its focus from acquisition to integration and organic development mode following this transaction," said Bank of Georgia Chief Executive Irakli Gilauri.
By Sam Unsted; [email protected]; @SamUAtAlliance
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