Romania's MedLife completes buy of majority stake in Medici Group

Through this transaction, MedLife aims to transform Timisoara into one of the strongest regional health hubs, the company said in a report filed with the Bucharest Stock Exchange.

MedLife received approval from Romania's anti-trust body for the deal.

The acquisition involves MedLife taking over Medici Group's four clinics, one laboratory and one multidisciplinary hospital in Timisoara, which is still under construction. Medici's Hospital will have a total area of 5,500 sq m and it will include two twin buildings. The first building will be operational in 2023, while the second building is scheduled for completion in 2024.

"The partnership with Medici's is a strategic one, that aims to consolidate the largest diagnostic and treatment platform in Romania, to meet the specific needs of the patients," MedLife Group Executive Director Dorin Preda said.

Medici’s has over 100,000 patients annually, over 40,000 permanent subscribers, four clinics and 40 own consulting offices, a medical imaging laboratory, a laboratory analysis platform and over 200 own doctors and collaborators. The network invested a total 15 million euro ($14.6 million) in its development in the last 25 years. Its turnover rose by an annual 40% to 20.3 million lei ($4 million/ 4.13 million euro) last year.

MedLife's shares traded flat at 17.4 lei at 0955 CET on Monday on the Bucharest Stock Exchange.

(1 euro=4.913 lei)