NMC Health to sell Eugin Group to Fresenius Helios for 430 mn euro


Transaction to be completed by H1 2021

ABU DHABI/December 21-2020: Pursuing the Group strategy to focus its resources on core Middle Eastern assets, NMC Health has entered into an agreement to sell the Eugin Group, to Fresenius Helios for a total enterprise value of 430 million euro.

NMC Health means NMC Health Plc and NMC Healthcare Ltd. Eugin Group comprises Luarmia SL and Boston IVF Ventures LLC. In an official release, NMC Health said the transaction is expected to complete by the end of H1 2021.

The company believes the sale of Eugin Group is a positive step forward for the Group and the level of interest in the process demonstrates both the quality of the asset and the continued strength of NMC Healthcare’s underlying businesses.

Business plan

In August 2020, NMC Healthcare set out a three-year business plan that included a renewed focus on driving growth in its core markets in the Middle East.

NMC is committed to seeking exits on commercial terms from international activities that are not considered to be core operations.

This transaction represents an important strategic milestone in the delivery of the business plan.

Luarmia, which comprises approximately 40 clinics and sites across Europe and Latin America, is a global leader for in-vitro fertilization (IVF) services, performing over 25,000 cycles annually.

Luarmia was acquired by NMC in 2015 and has since grown internationally having opened and acquired clinics in a number of countries including Brazil, Argentina, Sweden, Italy and Denmark.

Boston IVF, which comprises approximately 25 clinics and sites, is a national leader in the US for IVF services’, performing over 10,000 cycles annually.

Boston IVF was acquired by NMC in 2018 and has grown significantly across the US over the past two years.


On a combined basis, Luarmia and Boston IVF generated approximately 160 million euro of revenues in 2019. Michael Davis, CEO of NMC Healthcare, said the sale process was highly competitive, which is testament to the strength of Eugin Group’s offer through Luarmia and Boston IVF.

“We are delighted to have sold to such an established, international healthcare company in Fresenius Helios,” Davis said.

Earlier this year, the group made the strategic decision to focus its resources on core Middle Eastern assets and this was the key driver behind the decision to pursue a sale of Eugin Group.

Richard Fleming, Managing Director of Alvarez & Marsal Europe LLP and Joint Administrator of NMC PLC and NMC Healthcare said this transaction marks another important step towards a successful restructuring for NMC.

He said Eugin Group is a high-quality, highly sought-after business, with an experienced management team and, following a robust process. Allen & Overy is serving as its legal advisor in connection with this transaction.

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