Troubled hospital operator NMC Health said on Monday it agreed to sell its Spain-based fertility business Eugin Group to European hospital operator Fresenius Helios for an enterprise value of $526.71 million (430 million euros).
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The transaction, which went through a competitive sale process, is expected to close by the end of the first half of next year, NMC Health said in a statement.
NMC went into administration in April following months of turmoil over its finances and the discovery that it had $6.6 billion in debt, well above earlier estimates.
NMC Health’s international fertility business may likely be put up for sale
NMC, which was founded by Indian businessman BR Shetty in the mid-1970s, became the largest private healthcare provider in the UAE but run into trouble after short-seller Muddy Waters questioned its financial reporting and doubts emerged over the size of stakes owned by its biggest shareholders.
In a statement on Monday, NMC said it was “committed to seeking exits on commercial terms from international activities that are not considered to be core operations.”
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