Medicover, one of the leading players on Romania’s private healthcare and diagnostic services market, has signed an agreement to acquire a stake of 80 percent in Oradea-based ’Pelican’ Hospital, the most important provider of healthcare services in northwestern Romania.
According to a press release, the cash flow impact is projected at EUR 23 million, including purchasing price, debt, transfer of certain assets and investments into operations. The remaining minority shareholders are the founding surgeons who are active in the business and will continue.
“The acquisition of Pelican will significantly increase our footprint in the north-western part of Romania and the transaction is accretive and will create synergies both on the clinic, hospital and laboratory side. We will through the acquisition create a new platform for further growth.”, says Fredrik Rågmark, CEO Medicover.
The acquisition will turn Medicover into the leading private provider in the region, with a total catchment area population of some 1 million, the release reads.
Pelican has a fully equipped hospital with 130 beds, 5 operating theatres, imaging diagnostics and supporting activities. Established in 1992 by leading surgeons it is the foremost healthcare provider in the north-western part of Romania. The company is currently underway expanding a further 4,000 square-meter new-build adjacent facility, adding some 100 beds and a research facility. This will also include the area of highly specialised care such as interventional cardiology or 3D laparoscopic surgery since there are no other similar private providers.
The transaction is subject to the Romanian Competition Council approval. This transaction is the largest healthcare facility transaction in Romania since Mid Europa Partners acquisition of Regina Maria in August 2015.