NMC Health plc (LSE:NMC) (‘NMC’ or the ‘Company’), the leading integrated private healthcare provider operating across the United Arab Emirates (‘UAE’), is pleased to announce that it has entered into an agreement to acquire 100% of the issued share capital of ProVita International Medical Center LLC (‘ProVita’), the leading provider of long-term medical care in the UAE, for an equity consideration of US$160.6m to be paid in cash, from TVM Capital Healthcare Partners, the Olayan Group, Al Zarooni Emirates Investment and other minority shareholders (the “Acquisition”).
The strong and experienced management team at ProVita have agreed to remain at the Company, limiting potential integration risk.
ProVita generated an adjusted[1] EBITDA of US$11.1m and an adjusted Net Income of US$9.1m for the financial year ended 31 December 2014 and, based on unaudited management accounts, an adjusted EBITDA of US$12.7m and an adjusted Net Income of US$10.7m for the 12 month period to 31 March 2015.
ProVita had a net cash position of US$1.3m as of 31 March 2015, based on unaudited management accounts.
https://www.linkedin.com/pulse/nmc-health-plc-announces-acquisition-provita-roy-cherry?trk=hp-feed-article-title
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