24th Nov 2015 08:51
LONDON (Alliance News) - United Arab Emirates-focused healthcare provider NMC Health PLC on Tuesday said it has struck a USD189.0 million deal to acquire a 51% stake in Fakih IVF Group.
FTSE 250-listed NMC said it has also struck an agreement to increase its stake in Dubai-based Fakih over time, conditional on certain conditions being met.
Fakih IVF comprises Fakih IVF LLC and Fakih IVF Fertility Center LLC and provides in-vitro fertilisation services in the Middle East. It currently has centres in Abu Dhabi and Dubai and is seeking to expand both within the United Arab Emirates and across the Gulf Cooperation Council region, including in Qatar and Oman before the end of 2016.
NMC said the deal will strengthen its maternity and fertility business and give it an established presence and referral centres across different geographies. The cash required will come from existing cash and credit facilities, it said.
"Our acquisition of a major shareholding in Fakih IVF is the logical next step towards achieving NMC's goal of becoming a global leader in maternity and fertility services. We are particularly excited about growing our in vitro fertilisation service offering within the UAE and look forward to further expand its geographic reach," said NMC Health Chief Executive Bavaguthu Raghuram Shetty.
Shares in NMC were up 2.1% to 779.50 pence on Tuesday morning, one of the best performers in the FTSE 250.
By Sam Unsted; [email protected]; @SamUAtAlliance
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