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Hygeia Completes Due Diligence For Acquisition Of Safak Group

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Hygeia announced today the acquisition of a 50% stake of the share capital and the majority of the BoD of Turkeys Safak Group, following the completion of the financial and legal due diligence exercise and the signing of the Sale and Purchase and Shareholders agreements, for a consideration of $48 million.

The completion of the transaction is subject to the approval of the Turkish Competition Board. 

According to an official announcement, 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 specialities (including Maternity) and are fully equipped.

In 2007, Safak Hospitals treated in excess of 240,000 patients while the cumulative number of patients treated by Safak Hospitals to date is in excess of 1 million. 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 Hygeias strategy to create the largest integrated healthcare services group in Southeastern Europe.

 

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