Lenmed Health (Pty) Ltd., through its subsidiary Lenmed Health Africa Pty Ltd. (Lenmed Health), has acquired 70% of the business assets of Bokamoso Private Hospital (BPH), excluding land and buildings but including all other moveable and immovable assets/equipment and operations of the hospital plus the pharmacy assets and operations located on the land in Gabarone (Botswana), for an undisclosed consideration.
Lenmed Health gained preferred bidder status during the negotiations and a transaction structure was agreed whereby the hospital operations and equipment would be sold to “Opco” and the land and buildings would be sold to “Propco”. Lenmed Health would own 70% and BPOMAS (Botswana Public Officers Medical Aid Scheme) would own 30% of "Opco". BPOMAS would own the entire shareholding of 'Propco' (land and buildings) and would receive rental from "Opco" on a monthly basis.
BPH was a newly constructed hospital in Gabarone (Botswana) and went into liquidation one year after starting operations. BPH was owned and funded by the largest public medical aid scheme (health insurance company) in Botswana, namely BPOMAS. BPOMAS’ objective was to resurrect the hospital business of BPH by identifying a suitable hospital operator to partner with and ultimately reacquire the hospital out of liquidation.
Oaklins' team in South Africa acted as advisor to the buyer.
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