Russian "Invitro" stopped drinking ukrainian blood

International company Medicover bought its Ukrainian business for 6 million euros.
The network of laboratories "Invitro" and the international network of clinics Medicover signed an agreement on the sale of business "Invitro" in Ukraine. This was reported by a Russian company, Medicover has information about the purchase.

Medicover is one of the largest diagnostic companies in Europe. She has her own clinics, hospitals, laboratories and testing points. The company is the largest player in the medical market in Poland and Germany. Its revenue in 2017 - 580 million euros.

Russian Invitro is owned by Invitro Holding. 30% of the company belongs to the Russia Partners funds, the rest is from the founders, including Alexander Ostrovsky and Valentina Doronicheva. In 2017, the company's revenue amounted to 15.1 billion rubles, net profit was not disclosed.

The deal between Invitro and Medicover amounts to 6 million euros, the latter said: the parties expect to close it in early 2019. Medicover buys 61 medical offices and the Invitro laboratory complex in central and eastern Ukraine.

The Invitro representative declined to comment on the details of the deal.

Medicover has 229 medical centers in Ukraine, according to its press release: the acquisition of Invitro will allow the company to increase its geographical coverage in the country.

Invitro has been working in Ukraine since 2010. Now the company has centers in Russia, Kazakhstan, Belarus, Armenia and Kyrgyzstan. According to the representative of Invitro, the company does not plan to sell any of them. There is no political implication in selling a business in Ukraine, he assured.

According to Medicover, the deal will provide synergy in the form of EBITDA growth of 1-5% - by combining the purchased laboratories with other multi-functional medical centers.

Probably, the competitive situation in Ukraine did not allow for the development of “Invitro”, argues DSM Group CEO Sergey Shulyak. The company, he continues, has slowed growth in the home market, in Russia, it has lost leadership in its segment. Perhaps Invitro has no money left to invest in the development of Ukrainian business, Shuliak suggests.