MD Medical Group expands into new area in Russia
MD Medical Group Investments is planning to acquire Ivicend Holding, which owns the Avicenna Medical Centre in Russia.
MD Medical, listed on the London main market and the leading provider of women's and children's healthcare in Russia, has agreed to pay $45.5m in cash, mostly from a bank loan.
The medical centre is in Novosibirsk, in central Russia and just north of Kazakhstan and Mongolia, where the company currently has no presence. The centre comprises three multidisciplinary medical and diagnostic clinics with its own laboratory and a hospital with a maternity ward.
"In the region there are approximately 38,000 deliveries per annum and the corresponding birth rate of 14.2 per thousand people is higher than the average rate in Russia, making it an attractive and obvious place for MD Medical to expand its operations," the company said.
It added that Avicenna is a "high-quality and growing business with a strong position in Novosibirsk" and said it remained committed to the expansion of its regions.
NR