NMC Healthcare group, a prominent private healthcare provider in the UAE, announced on Wednesday that it is considering strategic restructuring initiatives, which may include an initial public offering (IPO) or the sale of the business. Established by Indian entrepreneur B.R. Shetty in 1975, the group entered administration in 2020 after revealing over $4.4 billion in debt. In a recent statement, NMC Healthcare disclosed the appointment of Rothschild & Co. to advise on these new initiatives, with a second financial advisor to be named shortly. During the strategic review, Rothschild & Co. will also handle market inquiries for NMC Healthcare. This move follows several strategic achievements since March 2022, including the restructuring of NMC and the exit from administration for its 34 core operating companies, managed under the Abu Dhabi Global Market (ADGM) courts and in line with ADGM's insolvency regulations. Other milestones include the installation of a new Board of Directors and executive leadership teams headed by CEO and regional healthcare leader, David Hadley, to drive growth. PricewaterhouseCoopers Limited Partnership has been appointed as the auditor. Most recently, in March 2024, the group reached an out-of-court settlement with Dubai Islamic Bank, resolving all related litigation globally. Hadley expressed enthusiasm about exploring strategic options in the UAE, noting the rapid population growth and the opportunity to offer high-quality medical services to diverse demographics. NMC Healthcare, which operates 85 hospitals, specialty clinics, and medical facilities under various brands including NMC, ProVita International Medical Centre, CosmeSurge, and Fakih IVF Fertility Centre, employs over 12,000 staff who serve more than 5.5 million patients annually.
Text: Lara Palmer
12.06.2024
UAE Healthcare Leader Considers IPO and Sale Amidst Recent Restructuring and Leadership Changes