Remgro and SAS Shipping jointly acquiring Mediclinic for £3.7 billion

LONDON, UK: Manta Bidco Limited, a newly formed company owned by Remgro Limited and SAS Shipping Agencies Services, will acquire Mediclinic. The acquisition values the entire issued and to be issued ordinary share capital of Mediclinic at approximately £3.7 billion and an implied enterprise value of approximately £6.1 billion.

Under the terms of the acquisition, shareholders shall be entitled to receive 504 pence in cash for each Mediclinic share held.

The Consortium

Remgro is a diversified investment holding company listed on the Johannesburg Stock Exchange, and holds investments in the healthcare, consumer products, financial services, infrastructure, industrial and media industries.

SAS is an indirect, wholly owned subsidiary of MSC. The MSC group is a global business engaged in the shipping, terminals, logistics and cruises sector.

Remgro (indirectly via the Relevant Remgro Subsidiaries) and SAS will each own 50 per cent of Manta Bidco following completion of the acquisition.

Commenting on the acquisition, Dame Inga Beale, Chair of Mediclinic, said: “The recommended offer represents a near-term value realisation for Mediclinic shareholders at an attractive premium.

Over 39 years, Mediclinic has developed into the leading international healthcare services group it is today. During this time, Remgro has remained a supportive long-term shareholder. Together with SAS, the Consortium’s resources will put Mediclinic in a strong position to continue to serve patients through our broad range of high-quality healthcare services.”

Commenting on the acquisition, Jannie Durand, CEO of Remgro said: “I am delighted that Remgro is participating in this transaction, which is fully aligned with our strategy of prioritising our ownership of structurally attractive, unlisted assets. Since its founding, Remgro has been a long-standing and supportive shareholder of Mediclinic. We are proud of what the business has achieved over that period and look forward to continuing our support, alongside our partner SAS, as the business transitions to the next phase of its evolution under stable, long-term ownership. Under the stewardship of the Consortium, Mediclinic will be well-positioned to execute on its strategy and undertake the investment required to realise the full potential of the business.”

Commenting on the acquisition, Diego Aponte, Group President of MSC, said: “We are delighted to be partnering with Remgro on the acquisition of Mediclinic, a business we have great admiration for. MSC is very well placed to provide long-term capital, as well as our insight and experience from operating a global business, in order to support the strategic ambitions of the Mediclinic management team. We believe that, alongside Remgro, our ownership will provide Mediclinic with significant resources to the benefit of all of Mediclinic’s stakeholders, including in particular its patients, employees, doctors and host governments.”

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