MD Medical Group Completes Acquisition of Leading Healthcare Network in the Samara Region
MD Medical Group Investments Plc ("MD Medical Group", "MDMG" or the "Company" - LSE: MDMG), Russia's leading provider of private women's and children's healthcare, is pleased to announce that it has completed the acquisition of the IDK Medical Company, a network of women's and children's health clinics located in the Russian region of Samara ("IDK").
The acquisition of 100% of the outstanding share capital of Vitanostra Ltd, operator of IDK, was for USD 16.1 million in cash. IDK will now be integrated into the Company, adopting the Mother & Child brand to form Mother & Child IDK Samara.
Prior to the deal completion, MD Medical received all required approvals, including approval from the Russian Federal Antimonopoly Service.
Commenting on the acquisition, Chairman of MD Medical Group, Dr Mark Kurtser said:
"We are pleased to be able to complete this acquisition, which we view as an important strategic step for the business. With IDK's business model similar to our own, we anticipate a smooth and swift integration process. Going forward, we will continue to seek opportunities to roll out our established business model in attractive and high-growth regions throughout Russia."