ΥΓΕΙΑ Α.Ε.
Agreement for the Acquisition of 50% stake of the Safak Group of Hospitals in Turkey
The DIAGNOSTIC & THERAPEUTIC CENTER OF ATHENS HYGEIA S.A (Hygeia) announces the acquisition of a 50% stake of the share capital and the majority of the BoD of SAFAK GROUP (Safak), a privately owned healthcare group in Turkey for a consideration of USD48m.
In addition, the parties have agreed that Hygeia will acquire a 50% stake in a plot of land currently owned by Safak for USD5m, which will be used for the development of a new modern General Hospital in the center of Istanbul.
The Safak Group, one of the top three hospital groups in Istanbul, consists of four hospitals in the Istanbul metropolitan area providing 470 total beds; these are the JF Kennedy Hospital, the Avrupa Safak Hospital, the Istanbul Safak Hospital and the Goztepe Safak Hospital, which cover all medical specialties (including Maternity) and are fully equipped. In 2007, Safak Hospitals treated in excess of 240,000 patients and the cumulative number of patients treated by Safak Hospitals to date is in excess of 1 million. In 2007, Safak had an estimated USD64m of revenues and USD8m of EBITDA.
Together with its partner, Hygeia aims to attain a position of leadership in the Turkish private healthcare market.
The acquisition of Safak is part of Hygeia's strategy to create the largest integrated healthcare services group in Southeastern Europe, and is subject to the satisfactory completion of financial and legal due diligence.
The DIAGNOSTIC & THERAPEUTIC CENTER OF ATHENS HYGEIA S.A is the investment arm in the healthcare services sector of MARFIN INVESTMENT GROUP (MIG), which is the major shareholder of HYGEIA S.A.
In addition, the parties have agreed that Hygeia will acquire a 50% stake in a plot of land currently owned by Safak for USD5m, which will be used for the development of a new modern General Hospital in the center of Istanbul.
The Safak Group, one of the top three hospital groups in Istanbul, consists of four hospitals in the Istanbul metropolitan area providing 470 total beds; these are the JF Kennedy Hospital, the Avrupa Safak Hospital, the Istanbul Safak Hospital and the Goztepe Safak Hospital, which cover all medical specialties (including Maternity) and are fully equipped. In 2007, Safak Hospitals treated in excess of 240,000 patients and the cumulative number of patients treated by Safak Hospitals to date is in excess of 1 million. In 2007, Safak had an estimated USD64m of revenues and USD8m of EBITDA.
Together with its partner, Hygeia aims to attain a position of leadership in the Turkish private healthcare market.
The acquisition of Safak is part of Hygeia's strategy to create the largest integrated healthcare services group in Southeastern Europe, and is subject to the satisfactory completion of financial and legal due diligence.
The DIAGNOSTIC & THERAPEUTIC CENTER OF ATHENS HYGEIA S.A is the investment arm in the healthcare services sector of MARFIN INVESTMENT GROUP (MIG), which is the major shareholder of HYGEIA S.A.