Al Noor acquires Abu Dhabi cancer centre
Abu Dhabi, December 30, 2013
Al Noor Hospitals Group, one of the largest private healthcare service providers in the UAE, said it has acquired Abu Dhabi-based Gulf International Cancer Centre (GIIC) for an initial cash consideration of Dh80 million ($21.8 million).
This is in line with the acquisition strategy outlined by Al Noor at the time of its listing on the London Stock Exchange in June. It adds a new core competency to the company and broadens its range of services to patients.
As per the deal, an additional one-off payment of Dh10 million will be paid upfront for lease rent, while an additional payments of up to Dh8 million will be payable subject to performance up to the end of 2014.
Founded in 2004, the GICC is a leader in cancer treatment in Abu Dhabi, offering radiation therapy, medical oncology, and PET/CT scan services. The revenue and ebitda for the year ended December 31, 2012 were Dh38.2 million and Dh7.35 million respectively.
As of March 31, 2013, GICC had gross assets of Dh79.7 million.
Dr Kassem Alom, the CEO of Al Noor Hospitals Group said: "We are delighted that GICC is joining Al Noor adding a new core competency to the range of healthcare services we already provide."
"This is exactly the kind of acquisition we promised investors at the time of Al Noor’s flotation. Cancer care is forecast to increase at 10-14 per cent annually in Abu Dhabi, and GICC has the capacity to serve a significant number of patients with their treatment needs," he added.-TradeArabia News Service