• Sunday, March 03, 2024
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PAC Capital closes $50m deal in Nigeria’s healthcare sector

PAC Capital closes $50m deal in Nigeria’s healthcare sector

PAC Capital Limited, the investment banking arm of PanAfrican Capital Holdings, has announced the successful completion of a $50 million construction and medical tourism relay facility (CONMED) landmark deal.

Humphrey Oriakhi, managing director of PAC Capital, made this known in a statement after the deal was completed.

Oriakhi said this was the first CONMED to be concluded since the specialised healthcare product was launched by the African Export-Import Bank (Afreximbank).

According to the statement, PAC Capital was the financial adviser and funds arranger to Lagos American Specialty Hospital (LASH) on the landmark deal.

Afreximbank and LASH executed the finance documents for the $50 million construction and medical tourism relay facility on the sideline of the just-concluded Afreximbank annual general meetings, held in Cairo, Egypt.

Also, the CONMED facility was supported by two local banks, Keystone Bank and First City Monument Bank (FCMB).

LASH in a statement said that they would employ a unique business model that provides healthcare infrastructure as a service to domestic and diaspora healthcare practitioners, offering them a world-class platform to provide care to their private patients in a modern, well-equipped medical facility.

The LASH project is designed as a 50-bed tertiary level world-class medical and diagnostic facility in Lagos with the aim to treat non-communicable diseases with chosen clinical specialties centered on the acute medical conditions that lead patients to seek advanced care or medical treatment abroad.

These include orthopedics, oncology, cardiology, nephrology, gynecology, cerebrovascular care & rehabilitation, among others.

LASH said it would aid in improving Nigeria’s healthcare infrastructure, ease the burden of non-communicable diseases in Nigeria and the West African region, and ultimately reduce the rising burden of outbound medical tourism upon completion.

This project is an attempt by the private sector to reverse the enormous resources and foreign exchange lost to medical tourism and potentially the brain drain plaguing the health sector.