KARACHI: Global consumer health company Integrated Diagnostics Holdings (IDH) has bought a 50 per cent stake in Base Consultancy FZ LLC, the SPV that owns Islamabad Diagnostic Center (IDC).
The purchase agreement was signed with the Evercare Group against a consideration of $72.35 million. However, the transaction is still subject to the approval of Competition Commission of Pakistan (CCP).
Once processed, the transaction will result in IDC being a subsidiary of IDH which is aligned with the company’s strategy of penetrating underserved and fast growing emerging markets.
With 80 centers across 30 cities, IDC stands as one of Pakistan’s largest integrated diagnostic providers. The company had impressive numbers for financial year 2021; it served around two million patients while also conducting around 3 million tests. The revenues for FY21 were $46 million recording a 208pc growth, EBITDA at $22.1 million and net profits of $13.7 million.
As per the press release, IDH plans to finance the transaction through a combination of existing cash and committed debt facilities. The debt package includes the $45.0 million facility secured from IFC in May 2021, and an additional $15.0 million IFC syndicated facility from Mashreq Bank.