Original Mediclinic RNS 201529 Sep 2018 00:25
JUNE 2015
Joint announcement regarding the acquisition of a 29.9 per cent. stake in Spire
Highlights
Remgro, Mediclinic's major shareholder, enters into an agreement to acquire a 29.9 per cent. stake in Spire from Cinven for 360 pence per share or GBP 432 million
**As part of the investment, Mediclinic and Spire have agreed to explore ways in which they can work together. Remgro, or in due course Mediclinic, will have the right to nominate one director to the Board of Spire provided more than 15 per cent. in the issued share capital of Spire is held
Robert Roger, CEO of Spire said: "We welcome Remgro, and in due course Mediclinic, as a new long term shareholder in our business. This is an exceptional opportunity for us to gain a strategic investor who understands our business and growth ambitions as we develop our asset base to meet the significant capacity growth we expect for the UK private healthcare sector in the medium to long term and we look forward to working with them to explore ways our two businesses can co-operate to serve both our patients and our shareholders even more effectively."
Danie Meintjes, CEO of Mediclinic said: "We are delighted to have identified the opportunity to acquire a meaningful holding in Spire, led by a strong and highly experienced management team, and can now realise it with the facilitation of Remgro. We are investing in a growing developed market while also diversifying into an attractive new geography with a strong currency. Both Mediclinic and Spire will benefit from collaboration through the sharing of knowledge and experience and improving cost synergies and efficiencies."
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Mediclinic's £432 Million is now worth just £171M three years on.
They are 'only' £261M down on their investment.
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