Life Healthcare to acquire UK-based Alliance Medical
Private hospital owner Life Healthcare is acquiring UK-based diagnostic imaging specialist Alliance Medical for about R10.4bn, it said on Wednesday.
"Alliance Medical is unique in Western Europe in terms of its vertically integrated model providing services across the molecular imaging value chain ranging from radiopharmaceutical production to scanning services provision and results reporting," Life Healthcare said.
It is acquiring 95% of Alliance Medical by paying an initial cash amount of £553m and up to £40m later depending on the UK company’s financial performance.
The sellers are funds managed by M&G Investments, Talbot Hughes Mckillop and Alliance Medical’s senior management.
"Alliance Medical is well positioned in attractive growth markets underpinned by favourable structural drivers including: ageing populations; growing disease burden; capacity constraints in public health systems; and the demand for improved access to diagnostics," Life Healthcare said.
"Alliance Medical enjoys embedded partnerships with national healthcare systems, including a long-term relationship with the National Health Service in England through the national PET-CT framework. Alliance Medical also owns the largest portfolio of out-of-hospital clinics in Italy."