29th Apr 2015 07:25
LONDON (Alliance News) - NMC Health PLC Wednesday said it has made two further acquisitions in the United Arab Emirates with the purchase of in-home healthcare services company Americare Group and medical centre operator Dr Sunny Healthcare Group.
NMC, which operates healthcare services in the UAE and which provides fertility services via its Clinica Eugin unit in Spain, has paid USD100 million for the two companies, with Americare set to expand NMC's service offering in the UAE and Dr Sunny positioning the group to benefit from the likely introduction of mandatory healthcare provision in the UAE in the near future.
NMC said the consideration will be funded via existing cash and debt resources and it expects the deal to complete in the third quarter.
"I am delighted to announce these two strategic acquisitions, which we expect to immediately add value to the NMC Group. Both businesses are highly complementary and synergistic with NMC's existing operations. We are excited to add home healthcare services to NMC's service offering, further extending our presence along the care pathway, and to significantly grow our presence in Sharjah and the Northern Emirates," said NMC Chief Executive Bavaguthu Raghuram Shetty.
NMC shares were up 1.9% to 676.6 pence on Wednesday, one of the best performers in the FTSE 250.
By Sam Unsted; [email protected]; @SamUAtAlliance
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