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- Dubai 04:32 05:49 12:21 15:48 18:47 20:04
Both acquisitions are interesting as they diversify NMC's revenues. (File)
NMC Health, the London-listed and UAE-based healthcare provider, has bought two healthcare service providers in the UAE for an enterprise value of $100 million (Dh367m), NMC said on Wednesday.
The firm bought Americare Group, a provider of in-home healthcare in Abu Dhabi, the largest of the UAE's seven emirates, as well as Dr. Sunny Healthcare Group, which runs six medical centres and three pharmacies in the emirate of Sharjah.
The pair had a combined earnings before interest, tax, depreciation and amortisation (EBITDA) of $11.5 million in 2014, the statement from NMC said.
Investors responded positively to the news pushing NMC's shares higher.
Meanwhile, Numis raised its price target to 8.80 pounds on the back of the deals, the second time in six weeks it has increased the figure. .
"Both acquisitions are interesting as they diversify NMC's revenues (one into a new service line and one expanding geographically) and both can provide referrals into its existing specialty hospitals," Numis said.
The purchases add to the acquisition of a majority stake in Spanish fertility centre Clinica Eugin for an enterprise value of 143 million euros, announced in February.
NMC signed a $825 million loan in February which would be used to pay down existing debt and fund acquisitions.
NMC, founded by billionaire Indian entrepreneur B.R. Shetty, is one of the largest private sector healthcare providers in the UAE. It operates general and specialist hospitals, pharmacies and medical centres across the UAE with plans to expand across the Gulf.
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