Amanat Holdings, the Dubai-listed healthcare and education investor, said on Wednesday its wholly owned UK subsidiary Cambridge Health Group (CHG) completed the acquisition of Cornerstone Healthcare Holdings for an initial enterprise value of £71 million ($95 million).
The deal includes up to £5 million in deferred consideration, taking the maximum value to £76 million (about AED380 million). It was funded from internal resources, Amanat said in a statement.
Cornerstone, bought from Ignite Growth, operates four specialist care homes with 283 beds in southern England. It is expected to generate about £36 million in revenue and about £7 million in EBITDA in 2027.
The acquisition lifts CHG’s capacity to more than 1,000 beds from about 260 in 2021, and the group has set a new target of more than 1,500 beds.
Amanat said the deal brings about AED0.9 billion, or 60%, of its AED1.5 billion capital deployment plan announced in July into execution. The company targets a return on equity of at least 10%.
Paul Hayes, chief executive of Cornerstone, will continue to lead the business, Amanat said.
