Concord Medical Announces Acquisition of Controlling Equity Interest in Chang'an Hospital
"We are very pleased to welcome Chang'an Hospital to the CCM family," Dr.
Chang'an Hospital, with over 1,000 beds, is one of the largest privately-owned general hospitals in
"The acquisition of Chang'an Hospital is an important milestone in CCM's development," Dr. Yang commented. "This transaction will enable us to accumulate important hospital operating experience and management techniques, strengthen our own medical and hospital management team, and prepare for the planned opening of other specialty hospitals in the CCM network. Our long-term strategy is to become the leading hospital management and operating company in
Since 2009, CCM has worked with Chang'an Hospital as part of its equipment lease and management business. In 2010, CCM and Chang'an Hospital jointly established CCICC, a specialty oncology hospital, which will be merged into Chang'an Hospital after the closing of this transaction.
The transaction has been approved by the boards of directors of both CCM and Chang'an Hospital and is expected to close in the second quarter or the beginning of the third quarter of calendar 2012, subject to certain closing conditions and government approvals. The acquisition is expected to be accretive to CCM earnings per share beginning at the third quarter of 2012.
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The Company's independent auditors are in the process of completing an audit of the Company's U.S. GAAP financial statements for 2011. These unaudited 2011 numbers disclosed in this announcement are, therefore, subject to change.
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tony.tian@concordmedical.com
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