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UAE-based Al Noor Hospitals Group has agreed to acquire Gulf International Cancer Centre (GICC) for an initial cash consideration of US$21.8mn
According to Gulf Business, an additional one-off payment of US$2.7mn will be made upfront for rent and another US$2.2mn will be payable, based on GICC's performance up to the end of 2014, Al Noor said.
Established in 2004, Abu Dhabi-based GICC offers radiation therapy, medical oncology and PET/CT scan services. In 2012, the company reported a total turnover of US$10.4mn on earnings before interest, tax, depreciation and amortization (EBITDA) of US$2mn.
As of 31 March 2013, GICC had total assets worth US$21.7mn.
Al Noor chief executive officer Dr Kassem Alom said, “GICC adds a new core competency to the range of healthcare services we already provide. This is exactly the kind of acquisition we promised investors at the time of Al Noor’s IPO. Cancer care is forecast to increase at 10-14 per cent annually in Abu Dhabi, and GICC has the capacity to serve a significant number of patients with its treatment needs.”
Currently, Al Noor operates a clinics in Madinat Zayed, Mirfa and Mussafah in Abu Dhabi, along with one other centre in Oman, with 504 physicians.