Mediclinic International and Gulf group Al Noor agree on tie-up
by Agency Staff,
2015-10-14 10:01:27.0
LONDON — Mediclinic International and Al Noor Hospitals Group have agreed to combine, creating a hospital company with operations in the Gulf states, South Africa, the UK and Switzerland, after Al Noor fended off an approach by NMC Health.
Al Noor is buying Johannesburg-based Mediclinic in a reverse takeover, they said on Wednesday.
Al Noor will be renamed Mediclinic International, which will be listed on the main board of the London Stock Exchange.
The companies said on October 6 they were in talks about a tie-up that would create the biggest supplier of private care in Dubai and Abu Dhabi, with operations in Europe and Southern Africa.
The Mediclinic board said at the time that Al Noor had a proven financial track record of sustained growth and was pursuing attractive opportunities, it said.
Its interim financial results to end June showed revenues up 8.5% to $244m, but net profit was static at $45m. The results presentation highlighted plans to open two medical centres next year and to complete a new 100-bed hospital by mid-2018.
The companies’ joint statement yesterday said the combined business would operate 73 hospitals with about 10,200 beds and 35 clinics, employing nearly 32,000 people.
Mediclinic shareholders will own between 84% and 93% of the combined group, depending on take-up by existing Al Noor shareholders.
Bloomberg, with staff writer
Picture: THINKSTOCK
LONDON — Mediclinic International and Al Noor Hospitals Group have agreed to combine, creating a hospital company with operations in the Gulf states, South Africa, the UK and Switzerland, after Al Noor fended off an approach by NMC Health.
Al Noor is buying Johannesburg-based Mediclinic in a reverse takeover, they said on Wednesday.
Al Noor will be renamed Mediclinic International, which will be listed on the main board of the London Stock Exchange.
The companies said on October 6 they were in talks about a tie-up that would create the biggest supplier of private care in Dubai and Abu Dhabi, with operations in Europe and Southern Africa.
The Mediclinic board said at the time that Al Noor had a proven financial track record of sustained growth and was pursuing attractive opportunities, it said.
Its interim financial results to end June showed revenues up 8.5% to $244m, but net profit was static at $45m. The results presentation highlighted plans to open two medical centres next year and to complete a new 100-bed hospital by mid-2018.
The companies’ joint statement yesterday said the combined business would operate 73 hospitals with about 10,200 beds and 35 clinics, employing nearly 32,000 people.
Mediclinic shareholders will own between 84% and 93% of the combined group, depending on take-up by existing Al Noor shareholders.
Bloomberg, with staff writer
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