Al Noor Hospitals Buys Gulf International Cancer Centre For $21.8m

Abu Dhabi-based Al Noor Hospitals Group announced that it has paid initial cash consideration of Dhs80 million ($21.8 million) to acquire Gulf International Cancer Centre (GICC) in Abu-Dhabi.

An additional one-off payment of Dhs10 million will be paid upfront for lease rent and another Dhs8 million will be payable subject to performance up to the end of 2014, Al Noor said in a statement.

GICC, founded in 2004, offers radiation therapy, medical oncology, and PET/CT scan services. In 2012, the company made revenues of Dhs38.2 million, while EBITDA reached Dhs7.35 million. As of March 31, 2013, GICC had gross assets of Dhs79.7 million.

“This acquisition is in line with the acquisition strategy outlined by Al Noor at the time of its listing on the London Stock Exchange in June 2013,” the statement from Al Noor said. The company raised 221 million pounds ($362 million) from its listing on the London Stock Exchange.

Dr. Kassem Alom, CEO, Al Noor Hospitals Group stated: “Gulf International Cancer Centre adds a new core competency to the range of healthcare services we already provide.

“This is exactly the kind of acquisition we promised investors at the time of Al Noor’s flotation. Cancer care is forecast to increase at 10-14 per cent annually in Abu Dhabi, and GICC has the capacity to serve a significant number of patients with its treatment needs.”

Currently the largest private healthcare service provider in Abu Dhabi, Al Noor had 227 operational beds and 504 physicians as of June 30, 2013.