(Sharecast News) - Private healthcare services group Mediclinic International announced on Tuesday that its Swiss operating division Hirslanden has reached agreement to combine Hirslanden Clinique La Colline with Clinique des Grangettes in Geneva, Switzerland, with Hirslanden retaining a 60% controlling interest in the combined entity.The FTSE 250 company described Clinique des Grangettes as a "leading" private hospital in Geneva, offering a wide range of medical services and specialising in maternity care, specialised surgery, cardiology, oncology, paediatrics and radiology.It said the "highly-regarded" hospital, established a century ago, had a long-standing reputation in the Geneva area with its "state-of-the-art" campus complex providing access to extensive outpatient treatments and leading diagnostic and therapeutic equipment.The hospital was supported by around 450 affiliated independent doctors, and attracted around 92% supplementary insured inpatients. deriving around 47% of its revenue from outpatient activities.Mediclinic said the current owner of Clinique des Grangettes, Philippe Glatz, would serve on the board of the combined business while members of the senior management team, including Gilles Rufenacht - the current hospital director - and senior clinical staff would remain with the combined entity.The combination of Clinique des Grangettes with Hirslanden Clinique La Colline would allow Hirslanden to establish itself as the top private healthcare service provider in Geneva, strengthen certain medical fields currently not provided by Hirslanden, and deliver operational synergies and cost efficiencies, the Mediclinic board explained.It said the transaction would be accretive to Hirslanden's earnings and EBITDA margin, with the opportunity to further enhance the returns through optimised purchasing and logistics, administrative efficiencies and future growth.Mediclinic said it would combine the operating companies of Hirslanden Clinique La Colline and Pidji Healthcare - the holding company for the Clinique des Grangettes group of companies - and pay a cash consideration of CHF 68m (£54m) to Philippe Glatz for a 60% interest in the new combined company.The firm and Philippe Glatz would have call and put options respectively on the remaining 40% interest in the combined company.Mediclinic's board said the options would be exercisable after four years, and the consideration on exercise would be determined based on the profitability of the combined company at that time.The transaction remained subject to competition approval in Switzerland, with an effective date of the combination expected to be from October, following which Hirslanden would consolidate 100% of the financial contribution from Clinique La Colline and Clinique des Grangettes."This combination is in line with Hirslanden's 'Grow2020' strategy to increase the diversification of our highly specialised services across the full continuum of care," said Hirslanden chief executive officer Dr Ole Wiesinger."We are excited to combine Clinique des Grangettes, a state-of-the-art leading private hospital in Geneva, with our existing Hirslanden Clinique La Colline."Dr Wiesinger said both hospitals benefitted from the "attractive" private healthcare market in the canton of Geneva."Mr Glatz and his team at Clinique des Grangettes have built a strong clinical reputation in Geneva and we look forward to working with them in the future."The combination of the two hospitals will further cement Hirslanden's position as the leading private healthcare service provider in Switzerland."Philippe Glatz, the current owner of Clinique des Grangettes, added that the goal of both institutions was to offer patients the possibility to instantly get suitable and cost-effective care in one location, whatever highly specialised medical treatment or field the patient may need."Together with the high-level medical experts who make the quality of our establishments, the two clinics strengthen their capacity to concretely contribute to the development of the medicine of the future, which will embed all the progress and recent scientific research discoveries," Glatz explained.