15th Jun 2015 06:30
LONDON (Alliance News) - NMC Health PLC said Monday it has agreed to acquire United Arab Emirates-based long-term medical care provider ProVita International Medical Center LLC for USD160.6 million in cash.
It will buy ProVita from TVM Capital Healthcare Partners, the Olayan Group, Al Zarooni Emirates Investments, and other minority shareholders.
The acquisition adds 120 beds to NMC's expected 2015 licensed bed capacity of 720, NMC said.
ProVita produced earning before interest, tax, depreciation, amortisation and exceptional costs of USD11.1 million in 2014.
"The acquisition of ProVita marks the entry of NMC into the strategic and under-supplied UAE long-term care market. It enhances NMC's value proposition as an integrated healthcare service provider by plugging the service gap between acute short-term care provided by NMC's existing facilities and homecare service provided by the recently acquired Americare Group," said Chief Executive Officer and Executive Vice-Chairman Bavaguthu Raghuram Shetty in a statement.
"The acquisition is expected to be accretive within the first year, and reinforces NMC's commitment towards establishing 'Centres of Excellence' across the targeted healthcare service domains," Shetty added.
By Hana Stewart-Smith; [email protected]; @HanaSSAllNews
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