Ramsay Health Care Limited (ASX: RHC) announced today that it has officially completed the acquisition of Medipsy, a French psychiatric hospital group.
The deal was originally announced on 2 December, and came two and a half years after Ramsay Health Care originally bought up a 57% stake in Medipsy. For this final acquisition of remaining shares, Ramsay has agreed to pay out €149.4 million (A$229.8 million) in cash, as well as well the assumption of €2.5 million (A$3.8 million) in debt and financial leases from previous owner Générale de Santé.
According to Ramsay's press release, Medipsy is a "leading operator of private psychiatric hospitals," with 30 hospitals, 2,600 beds, and around €150 million (A$230.7 million) in annual sales.
With this latest purchase, Ramsay now operates 40 hospitals in France, bringing its five-country total to 151. The company expects the acquisition to be EPS profitable in 12 months.
