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Romania's MedLife buys majority stake in local peer Irina Medical Centre

Romania's MedLife buys majority stake in local peer Irina Medical Centre Source:MedLife

BUCHAREST (Romania), December 31 (SeeNews) - Romanian privately-owned medical services group MedLife [BSE: M] said that it signed an agreement for the purchase of a 76% stake in local peer Expert Med Irina Medical Center.

The company will be integrated under the Sfanta Maria brand, part of MedLife Group, through which the network will expand its presence in southeastern Romania, MedLife said in a statement on Thursday.

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The value of the deal was not disclosed

"Our expansion strategy aims bot organic development and development through acquisitions, focusing mainly on covering cities with less than 100,000 inhabitants. This new transaction means an important step for the consolidation of the group in southeastern Romania, Irina Medical Center becoming the main provider of occupational health services for Sfanta Maria group in Braila-Galati area," MedLife Group CEO and president, Mihai Marcu, said.

Established in 1999, Irina Medical Centre offers integrated medical services, such as outpatient, laboratory, occupational medicine and radiology services. The centre posted a turnover of 3.5 million lei ($800,274/707,270 euro) last year.

Sfanta Maria medical brand was launched by MedLife five years ago and operates on the medical services market with over 60 own medical units established through acquisition and organic development.

Blue-chip MedLife's shares last traded flat at 23.9 lei on the the Bucharest Stock Exchange as at 1658CET on Thursday. This Friday is a non-trading day for the Bucharest bourse.

(1 euro=4.9486 lei)

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