20th Feb 2014 13:43
LONDON (Alliance News) - Bank of Georgia Holdings PLC Thursday said a subsidiary has acquired a 80% stake in Avante Hospital Management Group, which owns four hospitals with a total of 578 which in Tbilisi and Batumi, for an undisclosed fee.
Avante, the second largest healthcare provider in Georgia by number of beds, generated revenue of around GEL35.0 million in 2013. The stake was bought by Aldagi, which is a unit of bank of Georgia's healthcare subsidiary and is already the largest healthcare provider by number of beds in the country.
The acquisition of the new hospitals, as well as the acquisition in December 2013 of a 60 bed high-end, multi-specialty hospital in Tbilisi, is consistent with the company's previously announced strategy to scale up its healthcare business through targeted hospital acquisitions, focusing in Tbilisi.
Following the acquisition, Aldagi has 36 healthcare facilities and 1,907 hospital beds in Georgia.
The stock was trading at 2,395.00 pence Thursday afternoon, down 20.00 pence or 0.8%.
By Anthony Tshibangu; [email protected];
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