Abu Dhabi - Mubasher: UAE - based  NMC Health plc. said it plans to acquire Al Zahra Hospital in Sharjah from Gulf Medical Projects Co. for AED 2,058 million ($560 million).

The acquisition move is subject to the shareholder approval, said a press release.

NMC Health stated that Al Zahra Hospital will complement the Group’s existing network of seven out-patient medical centers in Sharjah.

NMC has also identified approximately AED23.7 million ($6.5 million) of annual cost synergy benefits expected to be derived from the acquisition from the second year post completion onwards.

The Al Zahra Hospital has demonstrated a strong track record of growth and for the year ended December 2015 achieved revenues of $130.4 million, and net profit of $38.8 million respectively.