THE ACQUISITION OF NIPD GENETICS IS COMPLETED

The earlier announced acquisition of NIPD Genetics, a leading innovative biotechnology company based in Cyprus, active in the field of designing, developing, producing, and providing in vitro genetic testing solutions, is completed. Medicover has increased its ownership from 18.9 per cent and now owns 87.2 per cent of the voting rights. The business will be consolidated as of mid of January 2022.

Purchase price for the 68.3 per cent of acquired shares amounts to EUR 44.4 million with no debt assumed, implying an enterprise value of EUR 65.0 million. The acquisition was funded with current committed debt facilities and the transaction value implies a high single-digit EBITDA multiple, excluding synergies. Revenue for 2020 amounted to EUR 16.2 million.

For further information, please contact: communications@nipd.com, www.nipd.com