The Italian Rotelli family looks for Mubadala’s help in the race to conquer NMC Health

The Rotelli family seeks a bank in Mubadala, one of the sovereign wealth funds of Abu Dhabi, in the race for the acquisition of control of NMC Health, the largest health reality in the United Arab Emirates and among the most important in the Middle East, listed in London and in serious difficulty since the activist fund Muddy Waters Capital accused him of falsifying the balance sheets two months ago. Bloomberg wrote it yesterday, stating that the news comes downstream of NMC’s request to its lenders for a xx on debt, after Moody’s lowered the rating by as much as 5 levels, saying that the group’s financial statements are not reliable and while the Group from last week is under investigation by the FCA, Consob of the United Kingdom, for the same reasons.

Short-selling fund Muddy Waters Capital, led by Carson Block, said last December that NMC had paid excessive amounts for certain assets, inflated cash flow and underestimated debt. NMC said those statements have no basis, but he still hired former FBI director Louis Freeh to investigate the matter last January. Since then, NMC’s CEO, Prasanth Manghat, has been fired and 5 of the 11 board members have left their posts (see press release here). Since last February 27, the title has been suspended from the British list (see the press release here).

Mubadala, which has $ 229 billion of assets under management, was also studying the acquisition of NMC on its own (see GulfBusiness here). Mubadala has been working for some time on a significant investment in the healthcare sector, as part of AbuDhabi’s strategy of diversifying the portfolio, investing the proceeds from the sale of oil in other sectors. Indeed, Mubadla is also in talks to acquire Jadwa Investment Co’s healtcare assets in the United Arab Emirates.

On February 10, NMC Health confirmed the press reports that spoke of preliminary approaches both from KKR and from GK Investment Holding Group sa, the holding company of Gruppo Ospedaliero San Donato spa, the hospital that belongs to the family Rotelli (see the press release here). While GKSD confirmed the existence of an ongoing negotiation, KKR had pulled back and said it had no intention of making any offer for NMC (see Reuters here). Under British law, GKSD has until March 9 to submit a formal proposal.

GSD has 19 owned hospitals (in Lombardy and Emilia Romagna), of which 3 scientific hospitalization and treatment institutes (Policlinico San Donato, San Raffaele Hospital, Galeazzi Orthopedic Institute), 17 thousand employees and 1.7 billion revenue.

NMC has closed the 2018 financial statements with revenues of 2.1 billion dollars, and can have 189 facilities in 19 countries among its hospitals and clinics, managed clinics and offices

a famiglia Rotelli cerca una sponda in Mubadala, uno dei fondi sovrani di Abu Dhabi, nella corsa per l’acquisizione del controllo di NMC Health, la più grande realtà sanitaria degli Emirati Arabi Uniti e tra le più rilevanti del Medio Oriente,  quotata a Londra e in grave difficoltà da quando due mesi fa il fondo attivista Muddy Waters Capital  lo ha accusato di aver falsificato i bilanci. Lo ha scritto ieri Bloomberg, precisando che la notizia arriva a valle della richiesta di NMC ai suoi finanziatori di un xx sul debito, dopo che Moody’s ha abbassato il rating di ben 5 livelli, dicendo che i bilanci del gruppo non sono affidabili e mentre il gruppo dalla scorsa settimana è sotto indagine da parte della FCA, la Consob del Regno Unito, per gli stessi motivi.