By Staff writer
NMC Health announces deal to acquire 51% stake in Fakih IVF Group, plans expansion across Gulf region
UAE-based healthcare firm NMC Health has announced a deal to acquire a 51 percent stake in Fakih IVF Group for AED696 million ($189 million).
NMC said in a statement that it has also agreed a mechanism by which it could increase its stake in Fakih IVF over time, based on certain conditions being met.
Fakih IVF, which comprises of Fakih IVF and Fakih IVF Fertility Centre, is the Middle East market leader for in-vitro fertilisation (IVF) services, performing over 4,000 IVF cycles per year.
Fakih IVF currently operates centres in both Abu Dhabi and Dubai and is looking to expand its footprint within the UAE as well as in the Gulf region.
It is expected to open three additional UAE centres during 2016 in Al Ain city, Western region of Abu Dhabi and Sharjah while IVF centres are also expected to open in Qatar and Oman before the end of next year.
Dr Michael Fakih, the founder of Fakih IVF, will remain as a 49 percent shareholder and managing partner in the business, a statement said.
Dr BR Shetty, CEO at NMC Health, said: "Our acquisition of a major shareholding in Fakih IVF isthe logical next step towards achieving NMC's goal of becoming a global leader in maternity and fertility services.
"We are particularly excited about growing our in vitro fertilisation service offering within the UAE and look forward to further expand its geographic reach."For all the latest health tips & news from the UAE and Gulf countries, follow us on Twitter and Linkedin, like us on Facebook and subscribe to our YouTube page, which is updated daily.