The Financial Times Adviser reported that two healthcare focused investment trusts, Medicx and Primary Healthcare Properties (PHP), are to merge, creating a fund with a market cap of more than £1 billion (US$1.3 billion).
The all-share merger, which values MedicX shares at 88.7 pence (US$1.16), or £393 million (US$ million), will create a firm that has 479 properties, many of which are leased to the National Health Service (NHS) and used for X-rays and blood tests.
Harry Hyman, PHP CEO, will lead the new larger company. He said, “The two businesses are complementary in terms of the properties they own, and from our point of view, if we were to try to buy £800m of properties, which come as part of this merger, it would take a long time.”
The chairman of the Medicx is to become deputy chairman of the combined business.
Full Content: Financial Times
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