Medicover acquires SYNLAB Group's local businesses in Romania, Turkey, Cyprus, Slovenia, Croatia and North Macedonia[1].
The businesses generated €48m of revenue in 2024, employ approximately 675 staff and consists of 25 laboratories and 80 blood-drawing-points ("BDPs") servicing the general public, specialist doctors and hospital clients with routine and advanced testing and onward referral for some of the specialist testing particularly, human genetics.
The acquisition strengthens Medicover's offering and presence in the region, including entry into three new markets. The agreed price is €71.3m including assumed net debt for 100 per cent of the share capital of the acquired local businesses. The acquisition is financed from Medicover's current committed loan facilities. The transaction will be EPS accretive from consolidation. Synergies are expected to be realised subsequently as the operations are integrated into Medicover's existing operations, centralising advanced testing volumes, as well as through procurement across all markets. After approximately 12 months synergies are expected to be well above 50 per cent of current profitability, rising to more than 100 per cent after approximately 24 months.
"This acquisition will be strongly synergistic in Romania and Turkey, while expanding our advanced testing distribution and reach in the entire region. In addition, the acquisition will enable increased operational efficiency and shift advanced tests to other laboratories within the Diagnostic Services network - reflecting our strategy to capture the full potential of our fee-for-service model. I am very happy to be able to welcome the employees of SYNLAB into the Medicover family", says Fredrik Rågmark, CEO, Medicover.
The acquisition is consolidated from 1 April 2025.
For further information, please contact:
Hanna Bjellquist, Head of Investor Relations
+46 703 033 272
hanna.bjellquist@medicover.com
[1] Subject to registration of shareholder change in commercial register.
Medicover is a leading international healthcare and diagnostic services company and was founded in 1995. Medicover operates a large number of ambulatory clinics, hospitals, specialty-care facilities, laboratories and blood-drawing points and the largest markets are Poland, Germany, Romania and India. In 2024, Medicover had revenue of €2,092 million and more than 47,000 employees. For more information, go to www.medicover.com
