Bank of Georgia buys 80 per cent majority of Georgian hospital group

20th Feb 2014 14:51

Bank of Georgia Holdings said its healthcare and insurance subsidiary Aldagi has bought an 80 per cent stake in Avante Hospital Management Group for an undisclosed sum, and is in talks to buy the remaining 20 per cent.Avante owns four hospitals with a total of 578 beds in the Georgian cities of Tbilisi and Batumi. It is the second largest healthcare provider in Georgia by number of beds, after Aldagi, the company said."Generating an estimated revenue of 35m Georgian Lari (GEL) in 2013, this portfolio of hospitals provides Aldagi with leading positions in both pediatric and maternity care," the bank said. "The acquisition of the new hospitals is consistent with the company's previously announced strategy to scale up its healthcare business through targeted hospital acquisitions focusing in Tbilisi. Following the acquisition, Aldagi has 36 healthcare facilities and 1,907 hospital beds in Georgia, said Chief Executive Irakli Gilauri.Bank of Georgia shares were down 19p to 2396p.FP