Global med­i­cal labs ex­tend into Africa

Daily Dispatch - - Business - BELLA GENGA BDlive

Cerba Health­Care, the French owner of a global net­work of med­i­cal lab­o­ra­to­ries, is ex­pand­ing in Africa by buy­ing some of Lancet Lab­o­ra­to­ries’ op­er­a­tions for as much as 12.5bn Kenyan shillings (R1.6bn), a per­son fa­mil­iar with the mat­ter said.

Paris-based Cerba will hold a 51% stake in a joint ven­ture with the SA com­pany that will op­er­ate in 11 African coun­tries, the per­son, who asked not to be iden­ti­fied be­cause the in­for­ma­tion is not pub­lic, said.

Cerba an­nounced on Thurs­day it started op­er­a­tions in Africa after form­ing a joint ven­ture known as Cerba Lancet Africa with Lancet, with­out pro­vid­ing de­tails about the deal.

The agree­ment ex­cludes Lancet’s big­gest op­er­a­tions in SA, it said in a state­ment on its web­site.

Cerba Lancet plans to ex­pand into sev­eral other African mar­kets by part­ner­ing with lo­cal busi­nesses, the com­pany said in an e-mailed re­sponse to ques­tions. The growth will be funded jointly by the two com­pa­nies and bank fi­nanc­ing, it said.

Lancet did not im­me­di­ately re­spond to an e-mailed re­quest for com­ment.

The joint ven­ture plans to be­gin op­er­a­tions in five French­s­peak­ing sub-Sa­ha­ran African coun­tries and Ethiopia by 2024, two peo­ple with knowl­edge of mat­ter said.

Cerba is owned by Pub­lic Sec­tor Pen­sion In­vest­ment Board, a Cana­dian pen­sion fund man­ager, and Zurich­based in­vest­ment-man­age­ment firm Part­ners Group Hold­ing.

Newspapers in English

Newspapers from South Africa

© PressReader. All rights reserved.