Mediclinic fully acquires Dubai operator

Pays $223m to buy remainder stake in Emirates Healthcare

South Africa's No. 2 private hospital group by value Mediclinic is to pay $223.6 million to buy out minorities in its Middle East business, it said on Monday, giving it full control of Dubai's biggest private healthcare operator.

Mediclinic, whose stake in Emirates Healthcare is just over 50 per cent, said it would buy the remainder from Varkey Group and General Electric Company.

Emirates Healthcare runs two hospitals and eight clinics in the Middle Eastern nation, treating more than 600,000 patients per year.

Cape Town-based Mediclinic would fund the deal through an equity contribution of 1 billion rand ($119.13 million) and debt raised in Dubai, it said.

It said it was in advanced talks with Standard Chartered Bank about a debt funding.

Earlier this month, Mediclinic, which also operates the largest private hospital chain in Switzerland, said it would raise 5 billion rand through a rights issue to refinance debt and fund expansion.

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