Hygeia buys into Turkish hospital
Shares in Greek medical center Hygeia shot up more than 2 percent yesterday after news it had completed due diligence and will buy a 50 percent stake in Turkish hospital group Safak for $48 million. Its shares advanced 2.11 percent to 2.90 euros versus a 0.25 percent climb on the Athens bourse’s benchmark general index. The Greek company said the completion of the deal, part of its expansion strategy, is subject to approval by Turkey’s competition commission. Under the deal, Hygeia will have a majority on Safak’s board. Hygeia will also acquire 50 percent of a land plot in Istanbul that belongs to Safak for $5 million, where a modern general hospital will be built. Safak operates four hospitals in Istanbul – JFK, Avrupa, Istanbul and Goztepe – with a total capacity of 470 beds. Last year, the hospitals treated more than 240,000 patients. The Safak group had revenues of $64 million last year and earnings before interest, taxes, depreciation and amortization of $8 million. Hygeia, with a current market value of 356 million euros, is majority-owned by Marfin Investment Group (MIG). In February, Hygeia fully acquired the Evangelismos maternity clinic in Cyprus for 7.58 million euros.
