Sunday 21 July 2024

David Hadley

NMC picks Financial Advisors to review of strategic alternatives

ABU DHABI, June 12, 2024

NMC Healthcare group (NMC) has appointed Rothschild & Co as the first of two Joint Financial Advisors chosen to review strategic alternatives for its shareholders, including a potential initial public offering and a sale of the business. A second Financial Advisor will be appointed in due course. 
Strategic milestones
The selection of the Joint Financial Advisors is a continuation of several strategic milestones achieved since March 2022, which marked the completion of the restructuring of NMC. These milestones include:
*The successful restructuring of NMC and subsequent exit from administration of NMC’s 34 core operating companies following a formal restructuring process overseen by the Abu Dhabi Global Market (ADGM) courts, and in accordance with the ADGM’s insolvency regulations; 
*The appointment of a new Board of Directors, and the appointment of new Executive and Group leadership teams led by CEO and regional healthcare leader, David Hadley, to support NMC to pursue growth opportunities; 
*The appointment of PricewaterhouseCoopers Limited Partnership (registered in the Abu Dhabi Global Market) as NMC’s auditor; 
*The successful resolution and conclusion of material legacy creditor litigation; and
*The development and implementation of group-wide strategic business, growth, and digital transformation plans. 
The NMC Healthcare group, founded in 1975, is comprised of 85 hospitals, specialty clinics and medical facilities under the NMC, ProVita International Medical Centre, CosmeSurge, and Fakih IVF Fertility Centre brands. 
National network
Its national network makes it the only healthcare group uniquely positioned to serve the three most populous Emirates of Abu Dhabi, Dubai and Sharjah, as well as the Northern Emirates of Ras Al Khaimah and Ajman. NMC’s 12,000 employees serve in excess of 5.5 million patients annually.
NMC Healthcare CEO, David Hadley, said: “We are pleased to explore strategic alternatives for the company at an exciting time in the UAE. The market is witnessing rapid population growth and presents an attractive opportunity to provide high quality medical services across diverse and changing demographics. We are committed to delivering continued value to our stakeholders and the millions of patients we serve every year.” 
While the review of strategic alternatives is conducted, Rothschild & Co will also respond to market enquiries on behalf of NMC Healthcare.--TradeArabia News Service


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