Asset management company Macquarie is to buy the Beacon Hospital in a deal that is expected to be worth around €400 million.
Shareholders in the private hospital, majority owned by Denis O’Brien, entered into an agreement to sell to the asset manager through its Macquarie European Infrastructure Fund 7.
A spokesman for Macquarie would not comment on the purchase price for the hospital. However, industry sources said it was likely to be valued at more than €400 million.
“Beacon Hospital has a proven track record of investment and innovation, constantly evolving our services and infrastructure to better meet the healthcare needs of our patients. The exceptional growth experienced over the past ten years is largely due to the encouragement and investment provided by the hospital’s majority shareholder, Denis O’Brien, who empowered the Board and management to grow and evolve Beacon Hospital into one of Ireland’s leading facilities today,” said Michael Cullen, chief executive of Beacon Hospital.
Mr Cullen will remain as chief executive and a shareholder in the business once the deal is complete. It is expected to close by the end of the first half of the year.
“Looking to the future, we believe that Macquarie Asset Management’s support as our long-term shareholder, with its global expertise in healthcare and social infrastructure, will be critical as we embark on the next phase of our growth plans. Our new partner will work closely with us as we look to build the largest private healthcare campus in Ireland to meet current and future demand.”
Senior managing director at Macquarie Asset Management, Hani Zogheib, said the company would work closely with the team at Beacon Hospital to further develop its facilities and specialist medical expertise.
The private healthcare facility provides a full range of acute care and specialist diagnostic services to patients, serving more than 200,000 patients each year. Since April 2014, the hospital has expended significantly, and has doubled the number of staff employed, treating three time the number of patients.