SHL Telemedicine to buy GPH for â‚¬7.6m
March 31, 2015
Israel-based SHL Telemedicine, a provider and developer of personal telemedicine systems, is to acquire GPH (Gesellschaft fur Patientenhilfe), based in Munich, for a cash purchase price of €7.6m. GPH's nationwide German telemedicine programme Cordiva cares for about 10,000 chronic heart failure patients in daily regular care.
GPH, a subsidiary of US-based Alere, has AOK Bayern and AOK North East among its major clients. In 2014, GPH's revenues amounted to €9.2m with a net profit of €0.8m. 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.
"With this acquisition we further reinforce SHL as the clear telemedicine leader in Germany,” saidErez Alroy, co-CEO of SHL. “With GPH, SHL will have four top tier health insurance companies as customers in Germany – DKV, AOK Bayern, Barmer, and AOK North East."
SHL Telemedicine develops and markets personal telemedicine systems and the provision of medical call centre services, with a focus on cardiovascular and related diseases, to end users and to the healthcare community. It provides services and personal telemedicine devices to subscribers using telephonic and internet communications technology. The company operates in Israel, Germany, India and the USA.