NMC Health completes $560m acquisition of UAE hospital

NMC Health has completed the acquisition of Al Zahra Hospital in the United Arab Emirates for 2,058m dirhams ($560m).

The FTSE 250 healthcare provider bought the Sharjah-based hospital, which operates 137 active inpatient beds, serves about 400,000 outpatients and 23,000 inpatients per year, from Gulf Medical Projects Company.

NMC believes the acquisition will complement its existing network of seven out-patient medical centres in Sharjah and will strengthen its position as the largest private healthcare provider in the UAE and in the Gulf Cooperation Council region.

The Al Zahra Hospital in 2015 generated revenue of $130.4m, earnings before interest, tax, depreciation and amortisation (EBITDA) of $43.5m and net profit of $38.8m.

Shares in NMC Health were down 1.58% to 1,781.37p at 1213 GMT.