January 20 (SeeNews) - Romanian privately-owned medical services provider MedLife [BSE: M] said on Friday it has acquired 80% of local health service provider Almina for an undisclosed sum.
MedLife said it acquired Almina's five medical centres in Targoviste, one in Oucioasa, one in Buftea and two laboratories in Targoviste and Buftea.
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Amina has over 20 years of activity in the local market and is the largest medical operator in Dambovita county, in Southern Romania.
According to company representatives, Almina posted a turnover of about 1.3 million euro ($1.38 million) in the first nine months of 2016.
"This acquisition marks MedLife's entry into a new geographic area, and contributes to strengthening our position nationally. In the future we plan to continue to grow through acquisitions," president and CEO Mihai Marcu said.
The private healthcare services provider said in March it plans to spend some 56 million euro in 2016-2017 on acquisitions and mergers, as well as on two new clinics and a hospital.
The company signed a credit agreement for the full amount of the planned investment with a syndicate of banks led by Banca Comerciala Romana, BCR, which also includes ING Bank, Raiffeisen Bank and BRD-Groupe Societe Generale.
Almina is MedLife 's 14th acquisition so far and the first for 2017.
In 2016, MedLife took over local dental clinics network Dent Estet for an undisclosed sum and local laboratories and clinics network Diamed Center for 3 million euro.
In 2015, MedLife bought a majority stake in the group of companies SAMA & Ultratest, the stem cell bank Stem Cells Bank, the Prima Medical Center in Craiova, and two laboratories in Iasi and Constanta.
MedLife's expansion began in 2010 when it bought 80% of Policlinica de Diagnostic Rapid group in Brasov for 3 million euro. In 2012, MedLife bought Genesys Arad medical group and Eva Maternity in Brasov.
In December, MedLife raised 230 million lei ($53.3 million/50.8 million euro) through a fully subscribed initial public offering (IPO) of a 44% stake.
Its shares were trading 0.38% down to 25.9 lei on the BVB at 1354 CET on Friday.
(1 euro=4.4955 lei)