Virtus Health completes acquisition

Company News

Virtus Health Limited (ASX:VRT) says subsidiary SIMS IVF Clinic in Ireland, has completed the acquisition of the HARI clinic from a Dublin hospital for $8.85 million. 
 
The deal, worth $6 million in euro, is made on a cash free/debt free basis. A reinvestment from Sims Clinic foundering shareholders pledges $1.8 million euros whilst Virtus will use $4.2 million euros in cash reserves and maintain 70 per cent ownership of all its Ireland activities. 
 
The HARI clinic is a well established Irish fertility centre having been operated by Rotunda Hospital, the world’s oldest working maternity hospital and renowned local training institution.  
 
The deal is hot on the heels of acquisitions in Queensland and Tasmania and the opening of a new centre in Singapore. 
 
Virtus Health reported a net profit of $31 million for the 2014 financial year.