17 Aug 2015 13:22
17 August 2015
NMC HEALTH PLC ANNOUNCES CLOSING OF ITS ACQUISITION OF
DR SUNNY HEALTHCARE GROUP
NMC Health plc (LSE:NMC) ('NMC' or the 'Company'), the leading integrated private healthcare provider operating across the United Arab Emirates and one of the top global providers of fertility treatments through its Spanish subsidiary Clinica Eugin, is pleased to announce that it has completed its acquisition of Dr Sunny Healthcare Group, a network of six medical centres in Sharjah, UAE, as announced on 29 April 2015.
Dr. B.R. Shetty, Executive Vice-Chairman and Chief Executive Officer of NMC Health, commented:
"I am delighted to announce the closing of this acquisition. Dr Sunny Healthcare Group's well-established medical centres expand our geographical footprint in the Northern Emirate of Sharjah, complementing our existing services through the addition of six medical centres and three pharmacies. This aligns with our strategy of selectively growing our medical offering and network of healthcare facilities in the UAE and further demonstrates our ability to deliver on our strategy."
Dr Sunny Healthcare Group - A Sharjah based healthcare network
Dr Sunny Healthcare Group has a portfolio of six medical centres and three pharmacies in the Northern Emirates of Sharjah. It has a well-established presence in the Emirate and offer specialities including paediatrics, cardiology, neurology, internal medicine, general surgery, psychiatry, urology, GI, gynaecology, ENT, dermatology, ophthalmology, radiology, general practice, dental care, Ayurveda, physiotherapy as well as lab services. Dr. Sunny Healthcare Group's gynaecology and paediatric service offerings are expected to complement NMC's growing IVF/women's health franchise including Clinica Eugin.
The acquisition expands NMC's addressable market and patient cross-referral capabilities of NMC's nation-wide and multi-specialty hub-and-spoke healthcare services network. Dr Sunny Healthcare Group treats around 1,300 patients a day.
Mandatory healthcare insurance has recently been introduced in Dubai, following the lead of Abu Dhabi, and is expected to be rolled out in Sharjah, the third most populous Emirate.
Dr. Sunny Healthcare Group's experienced management including its founder and CEO are expected to remain with the company.
Excluding synergies, the transaction is expected to be accretive with a positive effect on NMC's consolidated margins and yield an attractive ROIC.
- ENDS -
Enquiries:
NMC Health plc
Prasanth Manghat, Deputy Chief Executive Officer
+971 (0)50 522 5648
Suresh Krishnamoorthy, Chief Financial Officer
+971 (0)50 5915365
Roy Cherry, Head of Strategy & Investor Relations
+971 (0)50 667 0184
Media:
FTI Consulting, London
Matthew Cole
+44 (0)20 3727 1101
FTI Consulting, Gulf
Shane Dolan
+971 (0)4 437 2100
ABOUT NMC HEALTH
NMC Health plc group is the leading private sector healthcare operator in the United Arab Emirates, with a nation-wide network of hospitals and operations in the country since 1975. The Healthcare Division currently operates or manages seven hospitals, two day-care patient centres, nine medical centres and fifteen pharmacies. In addition, the Group owns and operates Clinica Eugin in Barcelona, Spain - one of the leading fertility treatment centres globally. NMC also owns and operates Americare Group, the leading home care provider in the UAE. The enlarged company received almost 2.8m patients in 2014.The group also operates a significant UAE wide Distribution business supplying product lines across several key market segments, including: Pharmaceutical, FMCG, Food and Scientific and Medical Equipment. NMC Health plc group reported revenues of US$ 644m in 2014.
In April 2012 NMC Health plc was listed on the Premium Segment of the London Stock Exchange. At the time of its IPO, the group raised funds to enable it to pursue a further growth plan with a number of capital projects for new healthcare facilities in Abu Dhabi and Dubai. NMC Health plc is a constituent of the FTSE 250 Index.