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UAE’s NMC Health acquires local company for Dh589 million-Dr. B R Shetty
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Acquisition due to be completed by Q3 2015
UAE-based healthcare services provider NMC Health said in a media statement that it has taken over ProVita International Medical Center for $160.6 million (Dh589.4 million).
The company said it bought stakes from TVM Capital Healthcare Partners, the Olayan Group, Al Zarooni Emirates Investment and other minority shareholders.
ProVita operates a total of 90 long-term care beds in Abu Dhabi and Al Ain, with another 30 beds expected to become operational in Abu Dhabi by Q3 2015.
The acquisition adds an expected 120 beds to NMC’s expected 2015 licensed bed capacity of 720 for a total of 840 beds.
“The acquisition of ProVita marks the entry of NMC into the strategic and under-supplied UAE long-term care market… The acquisition is expected to be accretive within the first year,” said Dr. B R Shetty, Executive Vice-Chairman and Chief Executive Officer of NMC Health.
ProVita is also looking to enter the Saudi Arabian and Qatari markets.
ProVita’s management team will remain at the company, limiting potential integration risk, the statement said. ProVita generated an adjusted Ebitda of $11.1 million and an adjusted net income of $9.1m for the financial year ended December 31, 2014 and, based on unaudited management accounts, an adjusted Ebitda of $12.7m and an adjusted net income of $10.7m for the 12-month period to March 31, 2015.
ProVita had a net cash position of $1.3m as of March 31, 2015, based on unaudited management accounts.
The acquisition is due to be completed by Q3 2015. HSBC acted as financial advisor to NMC, which is also being advised by legal advisor Clyde & Co., and Deloitte as the financial due diligence advisor.
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