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Medicover to Buy €44.4M in NIPD Shares, Acquire Majority Stake

NEW YORK — Swedish diagnostic services firm Medicover said on Thursday that it has agreed to buy €44.4 million ($50.1 million) worth of NIPD Genetics shares to acquire a majority stake in the firm.

Under the deal, Medicover will acquire NIPD shares from existing shareholders to increase its stake to 87.2 percent from the current 18.9 percent. Medicover said its payment includes no assumption of debt, implying an enterprise value of €65.0 million.

The transaction is expected to close in the first quarter of 2022.

NIPD Genetics is a Cyprus-based provider of DNA-based noninvasive prenatal and cancer genetic tests. Last year, the company had €16.2 million in revenues and 170 employees. In 2018, the firm struck a partnership deal with Medicover that included an equity investment and R&D cooperation.

The combination of NIPD's technology and expertise with Medicover's diagnostics offerings "will take us one step closer to become an international market leader in genetic diagnostics," Medicover CEO Fredrik Rågmark said in a statement.