NMC Health, a healthcare provider operating across the United Arab Emirates, has acquired the outstanding minority stakes in Fakih IVF and As Salama Hospital for US$218m, implying a 2017 P/E multiple of just under 10x for the two assets combined.
With Fakih IVF now a wholly owned subsidiary of NMC, the company is better positioned to accelerate and expand growth globally within its fertility business. NMC will continue to expand its fertility network, from the new IVF clinics opened in UAE and Oman in 2017 and additional expansions planned in other geographies.
NMC has also completed the Al Qadhi and Al Rashid Hospital transactions in the Kingdom of Saudi Arabia (KSA).
Prasanth Manghat, chief executive officer, said: "The acquisition of the outstanding minority stakes in Fakih IVF and As Salama Hospital represent highly value accretive transactions for NMC's shareholders. In particular, the Fakih IVF transaction provides us with an enhanced platform from which to grow our fertility business. As the second largest global IVF player, NMC remains very well positioned to be the leading consolidator in the fertility market."
At 8:19am: (LON:NMC) NMC Health PLC share price was +75p at 2995p