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Abu Dhabi-based NMC Health sells Spain fertility business to Fresenius Helios

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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.

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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.”