NMC Health makes acquisitions in UAE, Saudi Arabia
Source - SMW
NMC Health, a United Arab Emirates private healthcare operator, said it had acquired a 70% stake in cosmetic surgery group CosmeSurge for an implied enterprise value of around $250m.
The business was expected to deliver 2017 revenues and Ebitda of around $67m and $20.5m, respectively, representing a 31% Ebitda margin.
NMC said it had also acquired an 80% stake in Al Salam Medical Group, a healthcare company in Riyadh, for an undisclosed sum.
"We see substantial opportunities for revenue and cost synergies across both acquisitions, and the cosmetics business in particular has the potential to be further developed into an independent business vertical at a later stage," chief executive Prasanth Manghat said.
"Moreover, the Kingdom of Saudi Arabia remains a key focus market for us and despite already reaching 800 beds across existing and under-construction assets in the country, we continue to see strong growth opportunities in the Kingdom."
At 9:56am: (LON:NMC) NMC Health PLC share price was +110p at 3390p