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May 31, 2015

Georgia Healthcare acquires 50% stake in 450-bed hospital in Tbilisi

Bank of Georgia's healthcare subsidiary Georgia Healthcare Group has entered a binding memorandum of understanding to acquire a 50% equity stake in GNCo.

Bank of Georgia’s healthcare subsidiary Georgia Healthcare Group has entered a binding memorandum of understanding to acquire a 50% equity stake in GNCo.

Terms of the deal have not been disclosed.

GNCo is a holding company that owns High Technology Medical Center University Clinic (HTMC) in Tbilisi, Georgia, US.

"The 450-bed hospital offers a wide range of inpatient and outpatient services, including the largest department of oncology radiotherapy in Georgia."

The 450-bed hospital offers a wide range of inpatient and outpatient services, including the largest department of oncology radiotherapy in Georgia.

Georgia Healthcare Group CEO Nikoloz Gamkrelidze said: "With this acquisition, we have reached another major milestone on the way to realising our strategy of doubling 2015 revenues by 2018.

"We expect our share by hospital beds to reach 27.4% nationwide and 24.3% in Tbilisi, where average spending and utilisation is substantially higher than in other parts of Georgia."

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Once the deal concludes, Georgia Healthcare’s portfolio will include 41 healthcare facilities and 2,670 beds across Georgia.

The facility was acquired as part of the firm’s strategy to expand its healthcare services business through targeted hospital acquisitions, focusing on Tbilisi.

Bank of Georgia Holdings CEO Irakli Gilauri said: "With this acquisition, our healthcare business is very well positioned for its planned international stock market listing in the second half of 2015."

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