UAE healthcare unit in $224m stake deal
Johannesburg, October 23, 2012
Mediclinic International, an international private hospital group with operations in South Africa, Switzerland and the UAE, has entered into a $224 million deal with UAE-based Emirates Healthcare Holdings to acquire its minority interests.
Banking giant Standard Chartered was the sole mandated lead arranger for the transaction. The bank also arranged the debt facility of $127 million for the smooth acquisition of the Emirates Healthcare units.
Emirates Healthcare is the largest private healthcare group in Dubai with two hospitals and eight clinics in a fully integrated healthcare model with high level facilities offering services from primary care through to tertiary care, including preventative and diagnostic treatments.
Commenting on the deal, Craig Tingle, Mediclinic’s chief financial officer said, "This transaction is the logical next step as we continue to invest in attractive growth and development opportunities across our operations in Southern Africa, Switzerland and the UAE."
"Emirates Healthcare has grown at exceptional rates since Mediclinic's entry in 2006 and the opening of The City Hospital in 2008, Dubai’s largest private hospital. Based in Dubai, Emirates Healthcare is ideally positioned to benefit from the ongoing growth within the UAE and surrounding regions," he stated.
"Standard Chartered brings valuable insight and capabilities, from a strong presence both in Africa and the Middle East, which contributed to the success of this strategic milestone," Tingle added.
Philip Reynolds, Standard Chartered’s head of strategic client coverage for Africa said, “It gives us great pleasure to support another South African company’s acquisition and expansion beyond the African continent into the world’s growing territories."
"The Bank is ideally placed to support the rapid expansion of trade and investment between Africa, Asia and the Middle East, and we look forward to facilitating further growth of Africa’s private sector," he added.
The Dubai-based institution currently employs around 1,900 staff, with the capacity to operate 334 beds. The company sees in excess of 600,000 patients per annum in its hospital and clinic outpatient facilities and boasts world-class specialists to meet the needs of the international workforce based in Dubai.-TradeArabia News Service