Abu Dhabi’s NMC Health Acquires Two UAE Medical Firms
The company has acquired Abu Dhabi-based Americare Group and Sharjah-based Dr. Sunny Healthcare Group.
Abu Dhabi-based healthcare provider NMC has announced that it has acquired two other healthcare service providers in the UAE as part of its ongoing regional expansion.
The London-listed healthcare group acquired Americare Group, an Abu Dhabi-based health firm that focuses on in-home healthcare services and Dr. Sunny Healthcare Group, which operates about six medical centres and three pharmacies in Sharjah.
The buyout of Americare Group is expected to help NMC boost its revenues streams by helping tap into outpatient care and diversify its patient population.
Meanwhile Dr. Sunny Healthcare Group will help NMC penetrate the populous Sharjah market and will expand the geographical footprint, addressable market and patient cross-referral capabilities of NMC institutions.
The total enterprise value for both entities is $100 million, with a combined 2014 EBITDA of $11.5 million, NMC said in a statement.
Both firms’ CEOs and senior management are expected to remain in their respective roles following the deal.
“Both businesses are highly complementary and synergistic with NMC’s existing operations,” said Dr. B.R. Shetty, CEO of NMC.
“We are excited to add home healthcare services to NMC’s service offering, further extending our presence along the care pathway, and to significantly grow our presence in Sharjah and the Northern Emirates. We are continuing to execute on our strategy, and remain well positioned to deliver further growth and value for our patients and shareholders.”
NMC, like many UAE healthcare providers, has cashed in on the region’s healthcare boom, driven by a growing population and a surge in lifestyle-related diseases.
The group, which operates a chain of general and specialist hospitals, signed a $825 million loan facility earlier this year to fund its international expansion.
In February 2015, NMC announced the acquisition of a majority stake in Barcelona-based Clinica Eugin, a fertility treatment provider.
The Abu Dhabi healthcare firm’s net profit rose 12.1 per cent in 2014 to reach $77.5 million, compared to $69.1 million.
