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Romania's MedLife acquires 100% of Spital Lotus

Author Mario Tanev
Romania's MedLife acquires 100% of Spital Lotus MedLife

BUCHAREST (Romania), October 21 (SeeNews) - Romania's privately-owned medical services provider MedLife Group [BSE:M] said on Monday that it has acquired 100% of Ploesti-based peer Spital Lotus for an undisclosed price.

The Lotus Hospital, operated by Spital Lotus, served some 100,000 patients in 2018, booking a turnover of 3.9 million euro ($4.4 million), MedLife Group said in a bourse filing.

The hospital comprises 22 beds in 12 rooms, 2 intensive care rooms and one operating theater with 2 operating rooms, with over 135 doctors and nurses employed.

The transaction was serviced by Deloitte Romania.

Through the acquisition, MedLife Group's portfolio grows to 25 acquired companies. Last month, MedLife Group acquired majority ownership of Onco Team Diagnostic, a local pathologic anatomy and molecular biology laboratory.

"This is the first step of the expansion and development project approved by the shareholders a few months ago. A sustained period of acquisitions will follow, at the end of which we want to consolidate our leading position," the president and CEO of MedLife Group, Mihai Marcu, said at the time.

MedLife closed 2018 with a group consolidated pro-forma turnover of 804 million lei ($188 million/170 million euro), up 29% compared to 2017.

MedLife shares traded 1.19% higher at 33.9 lei on the Bucharest Stock Exchange as at 8:25 CET on Monday.

($ = 0.8962 euro)