South Africa’s Mediclinic raises $300 million for Swiss acquisitions
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Thursday June 12, 2014
JOHANNESBURG (Reuters) – South Africa’s biggest private hospital group Mediclinic International raised $300 million by issuing new shares to fund acquisitions in Switzerland, it said on Thursday.
Mediclinic, which already runs Switzerland’s largest private hospital network, Hirslanden AG, sold 41 million shares, or about 5 percent of its issued stock, at 77.50 rand each, a 6.2 percent discount from Wednesday’s closing price.
It will use the money to buy an acute care hospital and a number of outpatient facilities in Switzerland.
Mediclinic said it had also identified a number of acquisition targets in the United Arab Emirates, where it is trying to build a bigger presence, and in West and East Africa.
Shares in the company were down about 1 percent at 81.87 rand by 0907 GMT, largely in line with its nearest rival Life Healthcare.
Rand Merchant Bank, a unit of FirstRand, and Morgan Stanley are acting as joint bookrunners for the sale.($1 = 10.7345 South African Rand)