"HYGEIA": Agreement for the Acquisition of 100% stake of three Safak Hospitals in Turkey and disposal of one.
The DIAGNOSTIC & THERAPEUTIC CENTER OF ATHENS HYGEIA S.A ("Hygeia") announces it has reached an agreement with its Turkish partner, the Ozturk family, for a separation of the business of Safak Group of hospitals in the following manner:
Hygeia to acquire 100% control of JFΚ Kennedy Hospital, the Istanbul Safak Hospital and the Goztepe Safak Hospital while the Ozturk family will obtain 100% control of the Avrupa Safak Hospital.
Under the agreement, Hygeia will pay US$8m to the Ozturk family to obtain 100% control in the three hospitals as well as contribute its 50% stake in Avrupa Safak while the Ozturk family will assume debt obligations amounting to €6.35m which relate to Avrupa Safak.
The transaction aims to rationalize Hygeia's healthcare operations in Turkey, focus on specialized and profitable activities and position the group favourably to benefit from Turkey's substantial growth potential in the healthcare services market.
Completion of the transaction is subject to the approval of the Turkish Competition Board.
Hygeia is the investment arm in the healthcare services sector of MARFIN INVESTMENT GROUP (MIG), which is the major shareholder of Ηygeia.