Stockholm: Medicover AB (publ) has increased its ownership in Medicover Hospitals (MaxCure) in India from 49.2% to 53.1% via a mixture of primary shares and secondary shares acquired. Medicover holds also additional convertible loans that if converted would take ownership to approximately 57%. This investment brings the total carrying value of the ownership in Medicover Hospitals to EUR 57 million for its stake. Medicover is now the majority owner in Medicover Hospitals and the business will be consolidated as from 1 December 2019.
Medicover Hospitals consist of 11 specialised hospitals and two oncology centres under construction to be commissioned in 2020 in three states, Andhra Pradesh, Maharashtra and Telangana. Medicover Hospitals had revenue of EUR 49.9 million for the first nine months 2019.
“I’m excited about the consolidation with Medicover and look forward to expand the business further. We strive to become a significant healthcare provider in India,” Dr. Anil Krishna, Managing Director Medicover Hospitals said.
“This is a significant milestone in our development in India where we now have 11 hospitals and 16 fertility centres. We are excited to welcome such a great team into the group and look forward to driving further growth in coming years”, said John Stubbington, COO Healthcare Services Medicover.