Mediclinic aquires shares in Britain's Spire - CNBC Africa

Mediclinic aquires shares in Britain's Spire

Southern Africa

by Reuters 0

Remgro will subsequently sell the stake to Mediclinic International.

South African investment house Remgro Ltd has offered 431.7 million pounds ($686 million) for almost a third of Britain's Spire Healthcare, it said on Monday.

Remgro will subsequently sell the stake to [DATA MDC:Mediclinic International], South Africa's biggest private hospital group, of which it owns about 40 per cent, for 8.6 billion rand ($709 million).

Under the deal, Remgro will buy about 120 million shares, or 29.9 per cent stake, for 3.6 pounds each from buyout firm Cinven using its own cash as well as financing arranged by Rand Merchant Bank.

Mediclinic, which also runs hospitals in Switzerland and the Middle East, will fund the deal with a 10 billion rand rights offer. Mediclinic will sell just over 111 million shares at 90 rand each.

Spire is the UK's second-largest private hospital operator.

($1 = 0.6292 pounds)

($1 = 12.1284 rand)

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