29 Apr 2013 07:10
MD Medical Group Completes Acquisitionof Leading Healthcare Network in the Samara Region
29 April 2013- MD Medical Group Investments Plc ("MD Medical Group", "MDMG" or the "Company" - LSE: MDMG), Russia's leading provider of private women's and children's healthcare, is pleased to announce that it has completed the acquisition of the IDK Medical Company, a network of women's and children's health clinics located in the Russian region of Samara ("IDK").
The acquisition of 100% of the outstanding share capital of Vitanostra Ltd, operator of IDK, was for USD 16.1 million in cash. IDK will now be integrated into the Company, adopting the Mother & Child brand to form Mother & Child IDK Samara.
Prior to the deal completion, MD Medical received all required approvals, including approval from the Russian Federal Antimonopoly Service.
Commenting on the acquisition, Chairman of MD Medical Group, Dr Mark Kurtser said:
"We are pleased to be able to complete this acquisition, which we view as an important strategic step for the business. With IDK's business model similar to our own, we anticipate a smooth and swift integration process. Going forward, we will continue to seek opportunities to roll out our established business model in attractive and high-growth regions throughout Russia."
- Ends -
For more information, contact:
InvestorsMaxim Novikov, Head of Investor Relations | Tel: +7 495 331 16 50ir@mospmc.ru |
Media | |
M:Communications | |
Tom Blackwell / Anna Yarmarkova - Moscow | Tel: +7 495 363 2846 |
Sarah Macleod / Hollie Vile - London | Tel: +44 20 7920 2300 |
mdmg@mcomgroup.com |
For further details on the transaction please refer to the management presentation on the Company's web site at www.mcclinics.com/investors/presentations/
About MD Medical Group
MD Medical Group operates in the highly attractive Russian private healthcare service market and has a leading position in high-quality women's health and paediatrics. The company manages ten modern healthcare facilities, including two hospitals and eight outpatient clinics in Moscow, St. Petersburg, Ufa and Perm. In addition, two franchised outpatient clinics operate in Kyiv and one franchised outpatient clinic in Irkutsk. In 2013, the Company expects to begin construction of its third hospital in Ufa.
The Company's largest medical facilities are the Perinatal Medical Centre (PMC), a 250-bed medical centre, which opened its doors in 2006, and Lapino Medical Hospital, a 182-bed medical centre, which opened at the end of 2012. In March 2013, the Company began construction of its third hospital in Ufa. In 2012 there were 3,253 deliveries at PMC and Lapino. Outpatient treatments at PMC and the Company's outpatient clinics totalled 446,407.
The Company's shares have been listed on the London Stock Exchange (LSE ticker "MDMG") in the form of Global Depositary Receipts (GDRs) since 12 October 2012.
About IDK
Established in 1992 and recognised as the largest independent healthcare provider in the Samara region, IDK specialises in obstetrics (maternity), gynaecology, fertility treatment, paediatrics and clinical diagnostics.
IDK's network includes two medical centres, a children's polyclinic, a clinical diagnostics centre, two outpatient clinics in Tolyatti (Samara region's second largest city) and Novokuybyshevsk and two pharmacies, giving the group one of the strongest franchises in the region. In 2012, IDK handled around 150,000 outpatient treatments and 953 IVF cycles. IDK's total revenue, as calculated in accordance with unaudited management accounts for 2012, was RUB 513 million.