Sunday 21 October 2018

NMC Health acquires 51pc stake in Fakih IVF

DUBAI, February 1, 2016

NMC Health, a leading integrated private healthcare provider operating across the UAE, has completed ahead of guidance its acquisition of a 51 per cent shareholding in Fakih IVF, a leader for in-vitro fertilisation services in the Middle East.
Dr B R Shetty, chief executive officer of NMC, said: “I am delighted to announce the closing of this acquisition, which is a substantial step towards achieving NMC’s goal of becoming a global leader in maternity and fertility services. 
"This acquisition, our fifth in the past year, is fully in line with our strategy and demonstrates our focus on delivering sustainable long-term growth, strategic and competitive advantages and shareholder returns.”
Fakih IVF performs more than 4,000 IVF cycles per annum and offering the only full service genetics laboratory in the region, said a statement.
It currently operates centres in both Abu Dhabi and Dubai and is looking to expand its footprint within the UAE as well as in the Gulf Cooperation Council (GCC) region. 
Fakih IVF is expected to open three additional UAE centres during 2016 in Al Ain city, Western region of Abu Dhabi and Sharjah. 
The combination is expected to be highly synergistic with significant potential for cross-referral of patients and transfer of best practices and technologies within NMC’s Maternity and Fertility vertical. 
Patients will have access to an integrated continuum of care with complementing capabilities and co-ordinated seamless service offering including local IVF treatments of the highest international standards at Fakih IVF, international referral to Clinica Eugin and its wider fertility service offering as permitted by its operational and regulatory environment and NMC’s hospitals, led by Brightpoint, for antenatal, delivery and postnatal services.  
Furthermore, the acquisition increases NMC’s penetration into the Thiqa insurance segment, which is exclusively comprised of UAE nationals in Abu Dhabi where fertility treatment is covered. 
In addition, fertility treatments are one of the leading drivers of medical tourism in the UAE, and Fakih IVF will help position NMC as the destination of choice for fertility treatments with a complete service offering delivered by Fakih IVF and Clinica Eugin.
As previously announced, NMC has agreed to a mechanism by which it could increase its stake in Fakih IVF over time, based on certain conditions being met, said the statement.
The transaction, excluding synergies, is expected to be significantly accretive to NMC's EPS in 2016 with an attractive ROIC in excess of NMC’s cost of capital. - TradeArabia News Service

Tags: Health | Healthcare | IVF | NMC | In-vitro | Fakih |

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