Euromedic International will divest its Czech Republic Labs business to Alpha Medical in order to focus on cancer detection / treatment and diagnostic imaging.

Euromedic International ("Euromedic"), the Pan-European leader in medical services, today announces that it has signed a definitive agreement to divest its Czech Republic Labs business to Alpha Medical. The terms of the transaction were not disclosed. The transaction remains subject to receipt of all necessary regulatory approvals and is expected to close over the coming months.

The sale of the Labs is part of Euromedic's broader strategy to focus on its leading market positions in the fields of diagnostic imaging and cancer detection / treatment.

Euromedic is the largest provider of diagnostic imaging and cancer detection / treatment services in Europe, serving over 4 million patients per year through its network of more than 140 Medical Centres across 15 European countries.

Commenting on the transaction, Dimitris Moulavasilis, Chief Executive Officer of Euromedic, said: "We are very proud of what we have built up in the labs services space. This transaction is testimony to the tremendous skills and high quality of our Labs employees and the impeccable service afforded to our patients. We believe that Alpha Medical will be an excellent home for the Czech Labs and will enable the group to build on its current strength and continue its long standing track record of success. In addition, this transaction will allow Euromedic to fully dedicate time and resources to materially advance our European market leading positions in the highly attractive fields of cancer detection, cancer treatment and diagnostic imaging."

Peter Lednicky, CEO of Alpha Medical, added: "We are impressed by Euromedic Labs' operational excellence and quality standards. The addition of the company's state-of-the-art laboratories to Alpha Medical will further enhance the quality of service we provide to our clients while reducing turn-around times."

EY acted as exclusive financial adviser to Euromedic on the transaction. Clifford Chance was engaged as Euromedic's legal counsel.