MD Medical Group Acquires Mother & Child Clinic in Irkutsk
MD Medical Group Investments Plc (“MD Medical Group”, “MDMG” or the “Company” – LSE: MDMG), Russia’s leading provider of private women’s and children’s healthcare, announces that it has completed the acquisition of 80% of Mother & Child Irkutsk (“M&C Irkutsk”), a specialist outpatient clinic providing a range of women’s health services in the Russian region of Irkutsk. Until now, M&C Irkutsk has operated through a franchise agreement with MDMG.
The acquisition was for a cash consideration of USD 4.8 mln for 80% of the outstanding share capital of M&C Irkutsk.
Established in 2007, Mother & Child Irkutsk is the only private reproduction centre in the Irkutsk region of Russia, specializing in IVF and gynecology. In 2012, Mother & Child Irkutsk handled 452 IVF cycles and 15,718 outpatient treatments, representing approximately 12% and 4% of MDMG’s respective indicators.
Commenting on the acquisition, CEO of MD Medical Group Elena Mladova, said:
“We continue to execute on our strategy of strengthening our position in Russia’s largest and fastest growing regions. Mother & Child Irkutsk is an excellent fit for us, given its focus on IVF and gynaecology and the similarity of its business model with other clinics in our network. We look forward to the effective integration of M&C Irkutsk into the group, as we expand further our presence in the region.”
For further details on the transaction please refer to the management presentation on the Company’s web site at www.mcclinics.com/presentations/
This press release contains forward looking statements, which are based on the Company’s current expectations and assumptions and may involve known and unknown risks and uncertainties that could cause actual results, performance or events to differ materially from those expressed or implied in such statements. The forward looking statements contained in this press release are based on past trends or activities and should not be taken that such trends or activities will continue in the future. It is believed that the expectations reflected in these statements are reasonable, but they may be affected by a number of variables which could cause actual results or trends to differ materially, including, but not limited to: conditions in the market, market position of the Company, earnings, financial position, cash flows, return on capital and operating margins, anticipated investments and economic conditions; the Company’s ability to obtain capital/additional finance; a reduction in demand by customers; an increase in competition; an unexpected decline in revenue or profitability; legislative, fiscal and regulatory developments, including, but not limited to, changes in environmental and health and safety regulations; exchange rate fluctuations; retention of senior management; the maintenance of labour relations; fluctuations in the cost of input costs; and operating and financial restrictions as a result of financing arrangements.
No statement in this press release is intended to constitute a profit forecast, nor should any statements be interpreted to mean that earnings or earnings per share will necessarily be greater or lesser than those for the relevant preceding financial periods for the Company. Each forward looking statement relates only as of the date of the particular statement.
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