AXA’s local unit in Nigeria, AXA Mansard said it is divesting into core healthcare through a partnership with key private equity firms in Nigeria.
In a filing submitted to the Nigerian Stock Exchange, AXA Mansard said it has agreed with IFC, Africa Capital Alliance and other strategic investors to finance the construction of a 150-bed hospital and two 10-bed clinics in Lagos.
The shareholder’s agreement and other documents of the investment were executed to this effect today, 2 November 2017 and the expected completion of the project is in 24 – 30 months from the commencement of construction.
Upon completion, the Project will be one of the largest and best resourced private hospitals in Nigeria and will provide a variety of inpatient and outpatient healthcare services.
The project is estimated to cost circa N28 billion and would be funded through an equal mix of equity and debt.