Netcare acquires leading UK hospital operator

South African health-care group Netcare has acquired a controlling interest in the leading private hospital operator in the United Kingdom — General Healthcare Group (GHG) — from BC Partners.

GHG is the leading provider of private acute care in the UK with a national network of 49 hospitals. Its facilities and doctor base enable it to offer a comprehensive range of medical and surgical services across the UK, Netcare said on Tuesday.

For the year-ended December 2005 GHG reported gross revenue and earnings before interest, taxation, depreciation and amortisation of £612-million and £164-million respectively.

The purchase consideration for GHG on an enterprise-value basis is in the order of £2,2-billion — about R23,7-billion, it said, with Netcare’s investment being by way of an equity investment of approximately £217-million and the injection of its wholly-owned UK subsidiary Netcare Healthcare UK.

The remaining purchase consideration is to be provided by the consortium partners, together with debt financing raised within GHG on a non-recourse basis to Netcare.

The acquisition transforms Netcare into one of the world’s largest hospital groups with significant potential for future growth and value creation for all stakeholders, both locally and internationally, it said. — I-Net Bridge

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