STOCKHOLM, Dec. 9, 2021 /PRNewswire/ -- Medicover AB (publ)
("Medicover") has committed to acquire shares from existing
shareholders and thereby increase its ownership in NIPD Genetics
("NIPD") from 18.9 per cent to 87.2 per cent. The transaction is
subject to customary merger control approvals and closing is
expected in Q1 2022.
Purchase price for the 68.3 per cent of acquired shares amounts
to EUR 44.4 million with no debt
assumed, implying an enterprise value of EUR
65.0 million. The acquisition will be funded with current
committed debt facilities and consolidated when regulatory approval
granted. The transaction value implies a high single-digit EBITDA
multiple, excluding synergies.
NIPD is a leading innovative biotechnology company based in
Cyprus, active in the field of
designing, developing, producing, and providing in vitro genetic
testing solutions. NIPD's proprietary technology platform and
bioinformatics solutions cover all types of genetic conditions in
any part of the human genome and apply to many applications from
routine DNA analysis to complex, proprietary non-invasive testing
solutions like NIPT (Non-invasive prenatal testing) and Liquid
Biopsy. NIPD offers advanced genetic testing services in over 30
countries in Europe, Asia and Africa.
NIPDs technology and expertise in prenatal testing complements
and expands Medicover's genetic offering in its markets while NIPDs
geographic reach allows Medicover to penetrate new markets quicker
with a combined product offering.
NIPDs laboratories are accredited by CAP and certified by CLIA
and ISO standards. Revenue in 2020 amounted to EUR 16.2 million and number of employees amount
to 170.
"NIPD's proprietary technology platform together with their
experienced expert team and Medicover Genetics state-of-the art
diagnostics will take us one step closer to become an international
market leader in genetic diagnostics", says Fredrik Rågmark, CEO,
Medicover.
For further information, please contact:
Hanna Bjellquist, Head of
Investor Relations
+46 703 033 272
hanna.bjellquist@medicover.com
The information was provided for publication by the
abovementioned contact person at 08.00 CET on
9 December 2021.
Medicover is a leading international healthcare and
diagnostic services company and was founded in 1995. Medicover
operates a large number of ambulatory clinics, hospitals,
specialty-care facilities,laboratories and blood-drawing
points and the largest markets are Poland and Germany. In 2020, Medicover had revenue of
EUR 998 million and more than 32,000
employees. For more information, go to www.medicover.com
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Increased ownership
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