BUPA to sell hospitals18th June 2007
On 18 June, BUPA announced the sale of 25 of its UK hospitals for £1.44bn to a private equity firm.
The European firm Cinven already own Partnerships in Care (PIC), a UK provider of mental health care services. Cinven had previously invested in General Healthcare - a leading private hospital provider.
BUPA currently has over 8 million customers in 190 countries, and is the UK market leader of healthcare services. The sale will not affect people who have BUPA's healthcare insurance policies.
Val Gooding, BUPA's chief executive, said the company was "very proud" of its hospital business. She said that the "separation of our hospitals from the insurance business will allow the two, as separate entities, to fulfill their potential and make a greater contribution to the UK healthcare economy."
Ms Gooding reassured customers that they would be able to have access to an unchanged range of hospitals and services. She also said BUPA was confident it would maintain good relationships with the hospitals and their new owners.
Simon Rowlands, a partner at Cinven, praised BUPA's reputation, business and management. He said: "This acquisition enhances our position in a market with good growth prospects."
BUPA intends to use the money raised from the sale to pay debts and invest in future projects.
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Title: BUPA to sell hospitals
Author: Jess Laurence
Article Id: 3177
Date Added: 18th Jun 2007