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Mediclinic International joins forces with Al Noor Hospitals Group

by , 14 October 2015

Last week, Mediclinic International released a cautionary announcement about the possible combination of it with Al Noor Hospitals Group.

Today, Mediclinic confirmed that it would be joining forces with Al Noor.

Let's take a closer look at the deal…

Mediclinic shareholders will become the majority shareholders in Al Noor

This morning Mediclinic [JSE:MDC], one of the largest healthcare provider on the JSE, announced that it would be combining with Al Noor Hospitals Group, reports Fin24. Based in the United Arab Emirates, Al Noor has a listing on the London Stock Exchange.

The resulting company’s operations will span “southern Africa, Switzerland and UAE,” adds Fin24.

The deal will see Mediclinic shareholders gain 0.625 new shares in Al Noor for each they hold in Mediclinic, says IOL. And Mediclinic shareholders will receive an interim dividend in December.

Shareholders of Al Noor can receive “a special dividend of £3.28 a share or tender their stock for £11.60 a piece,” adds IOL. This offer is 39% higher than Al Noor’s closing share price on 1 October.

The new Mediclinic International will have its primary listing in the UK

Al Noor will become Mediclinic International when the deal goes through and have its primary listing on the London Stock Exchange, notes BDLive. The resulting company will “operate 73 hospitals with about 10,200 beds and 35 clinics, employing nearly 32,000 people”.

It will also hold a “secondary listing in Johannesburg,” says Bloomberg. And there’s a chance it will list on the Namibian Stock Exchange too.

The combination of the two companies will leave shareholders of Mediclinic holding “between 84% and 93% of the newly formed business,” adds BDLive.

At time of writing, shares in Al Noor were trading 18.45% higher in London at £11.78. Shares in Mediclinic were trading down 2.76% at R113.99 after trading over 3% higher this morning.

If all goes to plan, the companies should combine during the first few months of next year.

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Mediclinic International joins forces with Al Noor Hospitals Group
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