BUCHAREST (Romania), June 21 (SeeNews) - Romanian private healthcare services provider MedLife Group [BSE:M] said on Tuesday it has signed an agreement to take over an 80% stake in Timisoara-based Medici's Group.
The transaction marks a strong consolidation in western Romania and aims to transform Timisoara into one of the strongest regional health hubs in the next 2-3 years, MedLife said in a statement filed with the Bucharest Stock Exchange, BVB.
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MedLife's acquisition involves taking over the four Medici's clinics, a lab and a hospital. The hospital will have a total area of 5,500 sq m and consists of two twin buildings. The first building will be operational from December 2022, while the second building is expected to be completed in 2024.
The deal is pending approval from the Competition Council.
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 ($15.8 million) in its development in the last 25 years.
Medici's turnover rose by an annual 40% to 20.3 million lei ($4.3 million/ 4.1 million euro) last year.
MedLife's shares traded 1.75% lower at 19.7 lei at 1118 CET on Tuesday on the Bucharest Stock Exchange.
(1 euro =4.9448 Romanian lei)