4 Jun 2015 07:05
4 June 2015
NMC HEALTH PLC ANNOUNCES CLOSING OF ITS ACQUISITION OF AMERICARE 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 Americare Group, a leading provider in the UAE in-home healthcare services segment with a current focus on the Emirate of Abu Dhabi, as announced on 29 April 2015. The acquisition, which was expected to close in Q3, has completed ahead of time.
Dr. B.R. Shetty, Chief Executive Officer of NMC, commented:
"I am delighted to announce the closing of this acquisition. Americare Group is a market leader in the UAE in-home healthcare services segment and the business is highly complementary and synergistic with NMC's existing operations. This acquisition exemplifies the continuing execution of our strategy."
Americare Group - A leading provider of in-home care
The Americare Group is a renowned and fast-growing healthcare service provider in the UAE, with a leading market position in the Emirate of Abu Dhabi's home care segment. Americare operates a community-based physician practice providing medical care in the comfort of the patient's home for a variety of conditions and across all ages. The Americare division offers up to 24-hour nursing care for its patients.
This acquisition extends NMC's service offering along the care pathway by complementing existing in-hospital healthcare services and expanding recurring revenue streams in a valuable, more scalable, asset light and traditionally less capex intensive market segment. With the majority of Americare's patients insured by the Thiqa programme, Abu Dhabi's health care scheme for UAE nationals, the transaction further diversifies NMC's patient population.
In addition, Americare Group includes a medical centre with on-site pharmacy located in the upmarket Khalidiya residential area of Abu Dhabi City. This medical centre is staffed with a group of mainly American Board certified doctors offering several specialties, including general medicine, gynaecology & obstetrics and plastic surgery. This medical centre is expected to contribute to the patient cross-referral capabilities of NMC's nation-wide and multi-specialty hub-and-spoke healthcare services network.
Americare 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.
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
Evercore:
Simon Elliott+44 20 7653 6000
Media:
FTI Consulting, London
Matthew Cole
+44 (0)20 3727 1101
FTI Consulting, Gulf
Shane Dolan
+971 (0)4 437 2100
About NMC
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. 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.
Disclaimer
This document does not constitute, or form part, of any offer or invitation to sell, allot or issue or any solicitation of any offer to purchase or subscribe for any securities, nor shall it (or any part of it) form the basis of, or be relied on in connection with, or act as any inducement to enter into, any contract or commitment for securities.
Forward Looking Statements
Certain information contained in this document constitutes "forward-looking statements," which can be identified by the use of terms such as "may", "will", "should", "expect", "anticipate", "project", "estimate", "intend", "continue", "target" or "believe" (or the negatives thereof) or other variations thereon or comparable terminology. Such statements express the intentions, opinions, or current expectations of NMC with respect to possible future events and are based on current plans, estimates and forecasts which NMC has made to the best of its knowledge, but which do not claim to be correct in the future. Due to various risks and uncertainties, actual events or results or actual performance of NMC may differ materially from those reflected or contemplated in such forward-looking statements. No assurances can be given that the forward-looking statements in this announcement will be realised. As a result, recipients should not rely on such forward-looking statements. Subject to compliance with applicable law and regulations, NMC undertakes no obligation to update these forward-looking statements. No representation or warranty is made as to the reasonableness of such forward-looking statements. No statement in this document is intended to be nor may be construed as a profit forecast
EVERCORE
Evercore Partners International LLP ("Evercore"), which is authorised and regulated in the United Kingdom by the Financial Conduct Authority, is acting as financial adviser exclusively for NMC and no one else in connection with the Transaction and will not regard any other person as its client in relation to the matters referred to in this announcement and will not be responsible to anyone other than NMC for providing the protections afforded to clients of Evercore, nor for providing advice in relation to the matters referred to in this announcement.