Al Noor Hospitals Group has paid an initial cash consideration amounting to AED80 million ($21.8 million) for the acquisition of Gulf International Cancer Centre (GICC) in Abu Dhabi, according to Gulf Business.
Under the terms of the acquisition deal, Al Noor Hospitals Group will pay an additional one-off upfront lease rent of AED10 million, the group said in a statement. Al Noor will pay another AED8 million at the end of 2014, the report detailed.
GICC is an institution that offers medical oncology, radiation therapy, and PET/CT scan services to cancer patients. The centre was founded in 2004, the report stated.
Dr. Kassem Alom, Chief Executive Officer of Al Noor Hospitals, said of the transaction: "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."
Al Noor is currently the biggest healthcare service provider in Abu Dhabi. The company had 227 beds and 504 doctors as of June 30, 2013, Gulf Business reported.
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