Abu Dhabi’s NMC Health sold its speciality IVF-care business Eugin Group for Fresenius Helios for EUR430m, in its latest step to become a hospital and clinical operator focused on its core Middle Eastern businesses.
The sale of Eugin Group – which is made up by Luarmia S.L. and Boston IVF Ventures – is a “positive step” and the “level of interest shows the quality of the asset and the continued strength of NMC Healthcare’s underlying businesses,” the company said in a statement.
It comes after NMC Healthcare set out a three-year business plan in August, which included a renewed focus on driving growth in its core markets in the Middle East.
NMC, now under court-ordered administration, has been disposing all non-core/strategic assets and rebuilding itself to be a United Arab Emirates-focused hospital and clinic operator.
Michael Davis, CEO of NMC Healthcare, said the transaction represents “an important strategic milestone” in the delivery of the business plan.
Luarmia, which has nearly 40 clinics and sites across Europe and Latin America, performs over 25,000 IVF cycles annually. It was acquired by NMC in 2015 and since then opened and acquired clinics in Brazil, Argentina, Sweden, Italy and Denmark.
The transaction with Fresenius Helios is expected to complete by the end of first-half 2021.