Johannesburg, South Africa, June 10,
2010 – IFC, a member of the World Bank Group, is joining forces with
leading South African health care provider Life Healthcare Group Limited.
This strategic partnership will encourage investment between emerging market
countries and help transfer South Africa’s world class hospital management
The partnership involves IFC acquiring a 5 percent equity stake in Life
Healthcare for approximately $93.1 million and the joint financing of a
special purpose vehicle (subsidiary company) to be created by Life Healthcare
to support its international expansion.
“We are delighted to embark on a partnership with IFC, whose global experience
and local knowledge of private health care in emerging and developing markets
will help facilitate our overseas expansion,” said Michael Flemming, Managing
Director, Life Healthcare Group Limited.
IFC Director for Health and Education, Guy Ellena said, “IFC looks forward
to sharing industry knowledge and introducing Life Healthcare to potential
emerging market partners, reflecting a strategic IFC priority to support
the growth of health care networks and providers that work across countries
and regions to reach lower-income groups.”
Jean Philippe Prosper, IFC Director for Eastern and Southern Africa, said,
"IFC will work with Life Healthcare to help it expand its reach and
services across Africa and other emerging markets, promoting best practices
across the industry and increasing access to health care for people that
need it the most.”
IFC is the largest multilateral investor in private health care in emerging
markets, and supports the growth of health care in developing countries
in a sustainable and socially responsible way.
IFC, a member of the World Bank Group, creates opportunity for people to
escape poverty and improve their lives. We foster sustainable economic
growth in developing countries by supporting private sector development,
mobilizing capital for private enterprise, and providing advisory and risk
mitigation services to businesses and governments. Our new investments
totaled $14.5 billion in fiscal 2009, helping channel capital into developing
countries during the financial crisis. For more information, visit www.ifc.org.
About Life Healthcare Group Limited
Life Healthcare is a leading private hospital operator in South Africa
with more than 25 years experience operating private hospitals and 27 percent
of the private hospital bed market. Its primary business is acute
private hospital care with 62 facilities and more than 8,100 beds in South
Africa and Botswana. It also owns Life Esidimeni, the country’s largest
public-private partnership with over 4,000 beds and is a leading provider
of contracted on-site occupational and primary care services. For more
information, visit www.lifehealthcare.co.za.