Medicover, one of the main private healthcare and diagnostics providers in Romania, has signed a deal for the acquisition of the majority share package of Pelican Hospital, the most important healthcare provider in Oradea. Medicover thus becomes the main private healthcare provider in North-West Romania, an area with a total population of around one million people.
The transaction is awaiting approval from the Competition Council. The total value is EUR 23 million, which includes acquisition price, debt payment, transfer of shares and operational investments.
The agreement between the two companies involves the acquisition of 80 percent of the Pelican Hospital’s operations. The remaining minority share package will continue to be owned by the surgeons who founded the Pelican Hospital, who will keep their positions in the administrative-operational structure.
“I am glad to welcome the Pelican Hospital in the Medicover family. We are making an important step in our development strategy and we are securing a strong position in this region along with partners who share our passion for the quality of medicine, as well as the desire to grow. Together we can identify new opportunities and offer medical care of the highest standards, for as many patients as possible,” said Adrian Peake, general manager of Medicover Romania.
Pelican Hospital has 130 beds, five operating rooms, a diagnostic imaging centre and other auxiliary activities. Founded in 1992 by a team of surgeons, Pelican Hospital is in an expansion process as it builds a new 4000 sqm facility that will add around 100 new beds and a research unit. This building will also include highly specialised care spaces for cardiology interventions or 3D laparoscopic surgery, as there are no other similar private providers. Pelican Hospital posted total revenues of EUR 15 million for 2017 and an EBITDA of EUR 3.7 million.
This will be the largest transaction in Romania’s medical services sector after Mid Europa Partners acquired Regina Maria in August 2015.
Law firm PNSA worked for Medicover on the transaction.