Hyderabad, 22nd August 2017: Europe's leading healthcare provider Medicover (Nasdaq: MCOV B) announced that they are joining hands with MaxCure Group of Hospitals, the fastest growing multi-specialty chain in the States of Telangana and Andhra Pradesh. In one of the biggest M&A deals of recent times in the healthcare sector, Medicover is investing Rs 100 Cr (Euro 13.2 million) to pick up 22 % stake in the MaxCure group. Going forward, Medicover can invest a maximum of INR 3,200 million in MaxCure Hospitals.
This is the second investment of Medicover, after it ventured into the Indian healthcare sector last year with the launch of IVF clinics in Delhi, where 7 clinics opened and another 6-9 clinics are due to be opened by the end of 2017.
This acquisition, which brings European experience and Indian expertise together, will strengthen the presence of Medicover in India. While the deal marks the first move of Medicover into multi-specialty healthcare segment in India; it aids in bringing modern practices and technology into the country.
The MaxCure group of hospitals currently owns and operates 9 super-specialty hospitals with three in Hyderabad, two in Vizag and one each at Nizamabad, Karimnagar, Nellore and Kurnool. Founded by Dr. Anil Krishna, a doctor turned medical entrepreneur, the hospital chain made rapid strides since its inception in 2011.
Commenting on this significant investment in India, and future prospects in this market, Mr. Fredrik Stenmo, Chairman, Medicover said, "India is among the fastest growing markets in the world, and there is no region which brings so much value for an investor. We are happy to venture into multi-specialty healthcare via an investment in MaxCure group of hospitals. Medicover has significant presence in geographies like the United Kingdom, Poland, Ukraine, and has entered into the Indian healthcare sector via setting up of fertility clinics in the national capital".
He further added, "Medicover's search for a strategic investment in multi-specialty healthcare received the best start with the acquisition of stake in the MaxCure group.
This group, led by Dr Anil Krishna has made a significant progress in a short span of its existence.
