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Medi-Clinic seeks growth in Dubai |
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4/29/2006 9:39:27 AM |
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South African healthcare group Medi-Clinic has agreed to acquire a 49 percent interest in Emirates Healthcare Holdings — the ultimate healthcare holding company of the Varkey Group, a private healthcare group based in Dubai, United Arab Emirates.
The consideration is $46.4-million.
The Varkey Group, owned by Sunny Varkey, has extensive business interests in education, including a number of private schools and in healthcare, which includes the successful 120-bed Welcare Hospital, one ambulatory care centre and two clinics all in Dubai, Medi-Clinic said on Friday.
It also has the rights to develop two new hospitals in the new Dubai Healthcare City as well as five related clinics.
Varkey positioned for growth
The Varkey Group has an existing strategic relationship with GEII International Inc, a member of the General Electric Group (GE), and is well positioned for further growth in the UAE and adjoining regions.
In order to facilitate the introduction of Medi-Clinic and GE as investors, Emirates Healthcare has been formed as the ultimate holding company of the Varkey Group healthcare interests and any further healthcare interests that may be developed or acquired.
Medi-Clinic said the UAE and surrounding regions appear to have much potential for further growth in the private healthcare sector. Medi-Clinic believes that in Sunny Varkey and GE it has good partners with which to build an expanded private hospital business from the existing Welcare platform.
Export SA expertise
The relationship between Medi-Clinic and the Varkey Group also offers the potential for Medi-Clinic to export its existing expertise and broadens the career opportunities available to its staff within Medi-Clinic associated companies, it said.
Medi-Clinic Middle East will subscribe for a 49 percent equity interest in Emirates Healthcare for $46.4-million and GE will subscribe for a 7.39 percent equity interest in Emirates Healthcare for an amount of $7-million.
Sunny Varkey will retain an equity interest in Emirates Healthcare of 43.61 percent. The Sunny Varkey and GE equity interests will be pooled such that Sunny Varkey retains control of Emirates Healthcare. |
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