Dr Shetty's NMC Health Plc buys UAE Hospital for $ 560 mn

NMC Health Plc, the London Stock Exchange-listed healthcare company promoted by B R Shetty, will acquire Al Zahra Hospital in Sharjah (UAE) from Gulf Medical Projects Company ("GMPC") for $560 million.

The Al Zahra Hospital, with operating 137 active inpatient beds, serves about 0.4 million outpatients and 23,000 inpatient bed days per year.

"The acquisition complements the NMC Group's existing network of seven out-patient medical centres in Sharjah. This deal will further strengthen the Group's position as the largest private healthcare provider in the UAE and in the Gulf Cooperation Council (the "GCC")," NMC said in a statement. The deal is subject to regulatory approvals.

Besides healthcare chain, B R Shetty runs remittance company UAE Exchange in India.

The Al Zahra Hospital's revenue for the year ended December 2015 stood at $130 million with net profit pegged at $ 38.8 million. The Directors of NMC expects cost synergy benefits of about $6.5 million (annually) from the second year post completion of the acquisition.

The NMC Group, promoted by Gulf-based NRI B R Shetty, reported revenues of $880.9 million for the year ended December 2015. In April 2012 NMC was listed on the Premium Segment of the London Stock Exchange. NMC is a constituent of the FTSE 250