News: Ramsay Santé finalises acquisition of Clinique Convert

Ramsay Santé finalises acquisition of Clinique Convert

Ramsay Health Care finalised the acquisition of Clinique Convert, a 178 bed hospital located in the Rhone-Alpes region of France, on 31 May.

This is the first acquisition by Ramsay’s French subsidiary, Ramsay Santé, since Ramsay acquired 57% of the group early last year.

Clinique Convert was purchased from Générale de Santé for €15million.  The hospital is located in Bourg-en-Bresse in the Rhone-Alpes region. It is a general acute facility offering a wide range of surgical and medical specialty services, with an emergency department also. The facility is leased on a long-term basis.

Ramsay's Managing Director Christopher Rex said the acquisition of Clinique Convert was a positive first step in expanding the Ramsay Santé business and will be EPS positive in the first full year. Ramsay Santé will continue to investigate acquisition opportunities in the highly fragmented French market, which meet its investment criteria in order to grow its business.

"We are very excited about the growth prospects in the French market and the acquisition of Clinique Convert is an important first step for Ramsay Santé's growth. Clinique Convert is a quality business and will be a welcome addition to our portfolio" Mr Rex said.

The completion of the acquisition is expected to occur in late May 2011 once some standard contract conditions are satisfied.

The Clinique Convert acquisition will be funded from internal Ramsay Santé cash reserves.

Générale de Santé is a listed company and is the largest operator of private hospitals in France.