Agefi wants to take over clinic network
The Agefi Group is embarking on a new phase of growth with a diversification strategy. It is rebranding itself as AGEN Holding and expanding its activities in the healthcare sector. The first step in this direction is the acquisition of a network of clinics.
The Agefi Group embarks on a new upswing with a diversification strategy. It is renaming itself AGEN Holding and is becoming increasingly active in the healthcare sector. The first step in this direction is the acquisition of Genolier Swiss Medical Network (GSMN). GSMN is a network of four clinics employing almost 400 doctors and a total of 800 employees. The transaction still has to be approved by the Extraordinary General Meeting scheduled for the end of November. GSMN shareholder Michael Schroeder and Raymond Loretan are to be elected as new members of the Board of Directors. The latter is currently Swiss Consul General in New York, but intends to relinquish this post. Loretan is already being touted as the future Chairman of the Board of Directors. The current Chairman, Alain Fabarez, wants to step down as he does not know enough about the hospital sector. Agefi shares performed very positively after the announcement, rising by 28.5 percent.
The company hopes that this step will give it a more solid financial and industrial basis. The aim is to benefit from the significant structural growth in the healthcare sector. The integration of GSMN into a listed company will further promote the company's growth and increase profitability, according to the Agefi Group's communiqué. Apparently, the creation of a large Swiss healthcare group is also already being considered - through mergers and acquisitions of other clinics.
GSMN has good earning power and will achieve consolidated sales of a good 120 million in 2006. The Annual General Meeting must approve a capital increase for financing purposes. The purchase price will be paid in cash and shares.
The historically grown core business in publishing will be continued, the statement continues. The Agefi Group is the publisher of the Swiss daily newspaper for business, l'Agéfi, which claims to have 133,000 readers.
The company hopes that this step will give it a more solid financial and industrial basis. The aim is to benefit from the significant structural growth in the healthcare sector. The integration of GSMN into a listed company will further promote the company's growth and increase profitability, according to the Agefi Group's communiqué. Apparently, the creation of a large Swiss healthcare group is also already being considered - through mergers and acquisitions of other clinics.
GSMN has good earning power and will achieve consolidated sales of a good 120 million in 2006. The Annual General Meeting must approve a capital increase for financing purposes. The purchase price will be paid in cash and shares.
The historically grown core business in publishing will be continued, the statement continues. The Agefi Group is the publisher of the Swiss daily newspaper for business, l'Agéfi, which claims to have 133,000 readers.
