Mediclinic: Share sale to fund Swiss acquisitions

Mediclinic International would sell up to 41.3 million shares to raise money for acquisitions in Switzerland, the private hospital group said on Monday. It did not say how much it was selling the shares for, but it confirmed that the money would fund the acquisitions of an acute care hospital and a number of out-patient facilities in Switzerland. Mediclinic, which already operates Switzerland’s largest private hospital network, Hirslanden, said the deals formed part of its strategy to bulk up in attractive markets with strong fundamentals. The company said that it had also identified a number of acquisition targets in the United Arab Emirates, where it was trying to build a bigger presence, and in east and west Africa. The shares targeted for sale represent 5 percent of Mediclinic’s issued stock. Rand Merchant Bank and Morgan Stanley are the joint bookrunners for the sale. – Reuters