You have 10 free articles left this month. Get your freeBasic subscription now and gain instant access to more.

Romania's MedLife buys majority stake in Micromedica Medical Center

Romania's MedLife buys majority stake in Micromedica Medical Center MedLife Author (medlife) License: All rights reserved

BUCHAREST (Romania), November 5 (SeeNews) - Romania's privately-owned medical services provider MedLife Group [BSE:M] said on Tuesday it has acquired a majority stake in local peer Micromedica Medical Center for an undisclosed sum.

Through the deal MedLife has reached a portfolio of 26 acquired companies, it said in a press release.

"With this transaction, we add to our map another 6 cities and thus we further expand the borders for patients in the northeast of the country and beyond. We have the largest network of own medical units at national level, already present in all cities with over 150,000 inhabitants," the president and CEO of MedLife Group, Mihai Marcu, said.

MedLife will continue to consolidate its position and hopes to announce further acquisitions by the end of this year, Marcu added.

Micromedica is a private medical services provider based in Romania's historical region of Moldova. It offers patients a wide range of examinations, from multidisciplinary consultations for over 28 medical specialties and laboratory services, to complex imaging diagnostics. The group comprises six medical units located in the cities of Piatra Neamt, Bacau, Roman, Bicaz, Roznov and Targu Neamt. In 2018, Micromedica posted a turnover of 18 million lei ($4.2 million/3.2 million euro).

“We have been active on the medical services market for 24 years and we have constantly tried to improve the range of investigations, offering patients quality services. For us, the partnership with MedLife is an important step in the development of the company," Micromedica general manager, Stefan Botez, said.

Earlier this month, MedLife announced it has acquired 100% of Ploiesti-based peer Spital Lotus for an undisclosed price.

MedLife closed 2018 with a group consolidated pro-forma turnover of 804 million lei, up 29% compared to 2017.

MedLife's shares traded flat at 33.3 lei on the Bucharest Stock Exchange as at 1049 CET on Tuesday.

(1 euro=4.7550 lei)