Medicover is set to acquire Medicover Fertility India and own 22% of Sahrudaya Healthcare Private limited “Maxcure” for approximately EUR 21 million($24.9 million).
Fully funded by the principal shareholder but managed by Medicover, Medicover Fertility India was established in 2016. Medicover purchased this for $7.4 million which matches the original investment cost. Mediocover India had a revenue of EUR 0.3 million (US$ o.35 million).
Medicover also plans to enter the hospital Market by owning 22% of Maxcure hospital. Maxcure owns 9 hospitals in Andhra Pradesh and Telangana in India for a sum of EUR 13.2 million (US$ 15.5 million). Medicover is expected and entitled to exercise options to further increase their share ownership in two stages for the next two years according to the agreement.
According to Fredrik Rågmark, CEO of Medicover, as Indian private healthcare market is growing at 15% per annum, Medicare expects to be an active player in Indian market as there is a clear room for many companies such as Medicover due to the growing market.
About Medicover Fertility India
Established in January 2016, Medicover Fertility India runs seven clinics in Delhi, India. It aims to open six to nine additional clinics in the city of Delhi and Punjab by 2017. Medicover Fertility India has been receiving consultations and books at the growth rate of 40% per month.
Founded in 2013, MaxCure currently operates nine hospitals in Andhra Pradesh and Telangana India. Based in Hyderabad, the hospital offers special focus on cardiology, Orthopedics, Neurology and Gynecology. Revenue for the year at the end of March 2017 amounted to $47 million for MaxCure