Two groups vie for Abu Dhabi healthcare company
- The UAEs NMC Health has approached Abu Dhabis Al Noor Hospital Group over a possible offer
- Al Noor is already in talks with South Africas Mediclinic over a possible combination of the two businesses in the UAE
The UAEs NMC Health has approached Abu Dhabi-based Al-Noor Hospitals Group, over a possible cash and shares offer, the companies confirmed in a regulatory announcement on the London Stock Exchange (LSE).
NMC will have to announce its intentions on the offer by 6 November.
South Africas Mediclinic and Al-Noor are already in talks over a possible combination of their healthcare businesses.
The deal would take the form of a reverse takeover, in which Al-Noor would issue new shares to Mediclinic.
A merger would make the group a market leader in the UAE, according to statements to the LSE.
Al-Noor owns three hospitals and 17 medical centres and clinics in Abu Dhabi, employing more than 4,000 staff and treating approximately 5,400 patients a day. It reported revenue of £289m ($442m) in 2014, and profits of £54m.
Its share price has risen 18 per cent since the end of September, to £985.
Mediclinic, aside from its African and European business, owns 12 medical facilities across the UAE, predominantly in Dubai. It had revenues of ZAR35bn ($2.6bn) in the year ending March 2015.
NMC currently operates or manages eight hospitals, and 11 health centres in the UAE, as well as long-term care providers and distribution of healthcare products. The group reported revenues of $644m in 2014.
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