The Israeli SHL Telemedicine company, which trades on the SIX in Zurich at a market cap of $91 million, acquired Germany’s GPH Cordiva, a subsidiary of US-based Alere Inc., for €7.6 million cash.
SHL Telemedicine specializes in providing remote diagnosis and monitoring services for heart and lung patients suffering from chronic heart failure (CHF) and chronic obstructive pulmonary disease (COPD).
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GPH’s nationwide German telemedicine program Cordiva currently cares for about 10, 000 chronic heart failure patients in daily regular care. GPH, has AOK Bayern and AOK North East amongst its major clients.
In 2014 GPH’s revenues amounted to € 9.2 million with a net profit of € 0.8 million. The acquisition represents a natural fit to SHL’s German business and is expected to be accretive, already in 2015.
SHL expects to finance the transaction through a combination of existing cash and new debt. The transaction is expected to close within a short time-frame.
Erez Alroy, Co-CEO of SHL, said: “With this acquisition we further reinforce SHL as the clear telemedicine leader in Germany. With GPH, SHL will have four top tier health insurance companies as customers in Germany, including DKV, AOK Bayern, Barmer, and AOK North East.”
