(Alliance News) - Mediclinic International PLC said on Tuesday it expects its acquisition by a consortium led by the Johannesburg-listed investment firm Remgro Ltd to be completed on Thursday next week.
The Stellenbosch-based private healthcare provider said the South African Reserve Bank had approved the deal, meaning that all of the conditions relating to merger control and other regulatory approvals had now been satisfied.
The takeover, which values Mediclinic at about GBP3.7 billion, remains subject to certain other conditions, including sanction by the UK court at the court hearing expected on Wednesday next week.
Back in August, Mediclinic accepted a sweetened offer from Manta Bidco Ltd, a consortium comprising Remgro and SAS Shipping Agencies Services Sarl - a subsidiary of MSC Mediterranean Shipping Co SA.
Remgro holds a 45% stake in Mediclinic. The acquisition values Mediclinic at about GBP3.7 billion.
Mediclinic said the cancellation of its listing on the London Stock Exchange will take place on Friday next week.
It said the Johannsburg Stock Exchange will initiate the termination of the secondary listing on the local bourse after the effective date.
Shares in Mediclinic were 1.2% higher at 499.40 pence each in London on Tuesday afternoon. The shares were 1.7% higher at ZAR118.81 in Johannesburg. Remgro shares rose by 0.36% to ZAR135.67 in Johannesburg.
By Artwell Dlamini, Alliance News reporter
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