Athens Medical Group – GAIA was sold to Iaso

The transfer of the business activity of the obstetrics and gynecology department “GAIA” to Iaso was carried out by the Athens Medical Group.

According to the Athens Medical Center in its announcement, the total price of the transfer, amounting to a maximum of 13 million euros, is linked to the future financial course of the transferred maternity activity and will be paid in two stages as follows:

– The first stage concerns the immediate payment of a price of 7.8 million euros.

– The second stage concerns the payment of an additional price with a time horizon of 3 years. The additional price will be determined based on the future course of the activity.

The transfer of the business activity of “GAIA” in its entirety took place in the context of streamlining the operations of the Medical Athens in Maroussi as both the general clinic and “GAIA” operated at 100% of their capacity without the possibility of further development of their operation due to spatial constraints. These restrictions did not allow the creation of additional beds necessary to meet the ever-increasing demand due mainly to the high quality of medical services.

With the transfer of “GAIA” to “IASO SA” 100 additional general clinic beds as well as 4 additional operating rooms of high standards are immediately given over to the general clinic of the Medical Center of Athens in Maroussi and are put to use.

The increased demand for health services has been recorded in the financial results of the Group as in the 9 months of the current year the Group recorded an increase of revenues by 21.3% and operating profitability (EBITDA) by 96%. The successful course of the last years both in operational and financial level allows the group are forcing it to implement its expansion plans with even greater speed.