Abu Dhabi: Abu Dhabi-based NMC Health announced that it has entered into an agreement to acquire a 51 per cent shareholding in Fakih IVF Group for Dh696 million.
NMC has also agreed a mechanism by which it could increase its stake in Fakih IVF over time, based on certain conditions being met, NMC said in a statement on Tuesday.
Based on unaudited management accounts, Fakih IVF generated an EBITDA of $25 million (Dh91.8 million) for the nine months ended 30 September 2015, an increase of 20% year-on-year (YoY).
Fakih IVF currently operates centres in both Abu Dhabi and Dubai and is looking to expand its footprint within the UAE as well as in the Gulf Cooperation Council (GCC) region. Fakih IVF is expected to open three additional UAE centres during 2016 in Al Ain city, western region of Abu Dhabi emirate and Sharjah. Fakih IVF has also achieved considerable progress in its regional expansion plan with IVF centres expected in both Qatar and Oman before year end 2016, according to NMC.
Dr. B.R. Shetty, Chief Executive Officer at NMC Health said: “Our acquisition of a major shareholding in Fakih IVF is the logical next step towards achieving NMC’s goal of becoming a global leader in maternity and fertility services. We are particularly excited about growing our in-vitro fertilisation service offering within the UAE and look forward to further expand its geographic reach.”
