MedLife confirms ongoing takeover of major oncology hospital in Brasov

MedLife Medical System, the leader of Romania's private medical services market, announced it completed the acquisition of 100% of OncoCard Hospital Brașov, one of the most important diagnostic and oncological treatment centers in Romania.

The oncology hospital in Brasov was established on the company Onco Card Invest in 2012, following an investment of EUR 24 mln made by five local entrepreneurs: T&K Management, registered in Switzerland (20%), Pintea Radu Dorel (5%), Grigorescu Sorin (20%), Duţu Gheorghe (25%), Butuza Raluca-Livia (25%), Tudose Răzvan (5%). The group underwent an insolvency process in 2014-2019.

At the end of 2019, MedLife announced that it had concluded a contract to acquire the hospital in Brașov, pending review by the Competition Council.

The transaction will be analyzed by the Competition Council, MedLife confirmed on November 11, 2021. Once approved, it could become MedLife Group's second-largest transaction in 2021, after Neolife's approval.

According to MedLife representatives, the discussions for this acquisition were initiated at the end of 2019 but were postponed in the context of the Covid-19 pandemic and resumed this year.

Onco Card SRL, which manages the Oncology Diagnosis and Treatment Center (Oncocard) in Brașov, increased its revenues last year by 21.2%, to RON 56.45 mln (EUR 11.5 mln), Bizbrasov.ro reported. At the same time, however, the company's profit decreased from RON 1.30 mln in 2019 to about RON 0.38 mln in 2020.

(Photo source: the company)