Abu Dhabi NMC Health News: Investor Seeks Partner for Bid - Bloomberg:
An investment company linked to Italy’s largest private hospital operator is seeking a partner to bid for NMC Health Plc, the Middle Eastern health-care company being investigated by the U.K.’s financial regulator, according to people with knowledge of the matter.
GKSD Investment Holding SA approached Mubadala Investment Co. about becoming an equity partner, the people said, asking not to be identified as the matter is private. The news comes as NMC asked lenders for a reprieve on its debt and Moody’s Investors Service slashed its rating by five levels, saying its financial statements can’t be relied on.
NMC, which runs the largest private health-care network in the United Arab Emirates, has been in freefall since short seller Carson Block said in December the company had overpaid for assets, inflated cash balances and understated debt. The U.K.’s Financial Conduct Authority opened an investigation into the company last week. NMC has said the allegations are baseless, but in January hired former FBI Director Louis Freeh to investigate. Since then, the chief executive officer was fired and five of 11 board members have left their positions.
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