UAE’s NMC Healthcare announces its intent to sell stake in Fakih IVF

Abu Dhabi: NMC Healthcare group confirmed Friday they have entered into a legally binding agreement to sell its 65 per cent stake in Fakih IVF Fertility Centre to Blue Ocean Health Group.

The transaction is subject to customary closing conditions and is expected to be completed within the next two months, NMC said in a statement. The financial terms of the transaction were not disclosed. Upon completion, Blue Ocean will wholly own Fakih IVF.

“This transaction is part of NMC’s strategy to further invest in expanding its core multi-speciality healthcare services, including the enhancement of existing facilities and the strategic growth across Dubai and the Northern Emirates,” it said.

David Hadley, CEO of NMC Healthcare, said, “This strategic sale enables us to focus on expanding our comprehensive secondary and tertiary services and clinical facilities, including significant investments in Dubai and the Northern Emirates”. 

The Abu Dhabi-based healthcare company said last year it would be looking at multiple options regarding its next steps, including a possible IPO or sale of its private healthcare network, one of the largest in the UAE. As part of the hospital operator's efforts to chart a new course of action, it even appointed Rothschild & Co as the first of two 'joint financial advisors' to review 'strategic alternatives' for its shareholders.

NMC’s upcoming projects include opening four new medical facilities this year, including a new pediatric medical centre in the Marina area of Dubai and a new multi-speciality medical centre in Palm Jumeirah, scheduled to open this summer. It explained that the proceeds from the sale of Fakih IVF will help facilitate these growth initiatives.

Meanwhile, Fakih IVF said it views this transaction as an opportunity to enhance its footprint and presence within the UAE and GCC.

Dr Michael Fakih, Executive Chairman of Blue Ocean Health and Founder, Chairman, and Medical Director of Fakih IVF, said, “Bringing Fakih IVF fully under the Blue Ocean Health Group umbrella marks an exciting new chapter for us. This acquisition provides the opportunity to further enhance our services and expand our reach, solidifying our position as the region's lead fertility services provider.”

Dr Fakih said the fertility centre has ambitious investment plans for the coming years, which include expanding its footprint, enhancing the infrastructure of current facilities, expanding the range of medical services offered, and introducing advanced training programs for Faikh IVF’s medical teams. “Additionally, we are committed to investing in scientific research to foster innovation in fertility treatment technologies.