Polis Georgiades: Medicover’s takeover of SYNLAB Cyprus to be completed “before the end of 2024”

Medicover’s takeover bid for SYNLAB Cyprus is a show of recognition for the quality of services it offers, its team’s capabilities as well as its high quality diagnostic services, according to the latter’s CEO, Polis Georgiades.

In an interview with InBusinessNews, Georgiades said Medicover’s bid – which is still pending regulatory approval – is to take over SYNLAB Cyprus’ entire share capital.

He also said that this type of investment fosters growth and innovation, which is crucial for the healthcare industry.

As we have been informed by the Commission for the Protection of Competition (CPC), Medicover Investment B.V. is proceeding with the acquisition of SYNLAB Cyprus Ltd. Can you to tell us how the takeover bid came about and if it concerns the entire share capital of the company?

The takeover bid by Medicover arose as part of SYNLAB's strategic portfolio management and the decision to sell SYNLAB Cyprus’ operations reflects this approach.

Yes, the acquisition concerns the entire share capital of SYNLAB Cyprus Ltd and the transaction is subject to approval by the relevant regulatory authorities.

What does this takeover bid mean for SYNLAB Cyprus? Is it a reward for the work and the quality of its services?

Undoubtedly, the takeover bid by Medicover is recognition of the quality of services offered by SYNLAB Cyprus.

Medicover's decision to include SYNLAB Cyprus in its portfolio shows confidence in the abilities of our team and the high quality of the diagnostic services we provide.

This reflects the important work done by our people, their dedication and constant pursuit of excellence.

What process and timelines will be followed until the transaction is completed?

The transaction is subject to regulatory approval, including competition controls. We expect these processes to be completed before the end of 2024.

Until then, SYNLAB will continue to operate as is, maintaining its existing operations and providing the same high-quality services.

What does the acquisition by Medicover Investment B.V. mean for SYNLAB Cyprus, its strategy and the day after?

Medicover is a leading European healthcare and diagnostics company with a strong network of clinics, hospitals, laboratories and blood collection points.

Through this acquisition, we expect to enhance the quality of diagnostic services provided by SYNLAB Cyprus, as Medicover will bring its expertise and resources to the local market.

For now, the strategy of SYNLAB Cyprus remains as it was, as the transaction has not yet been completed.

Will company staff be affected in any way by this change?

Until the transaction is completed, no changes are expected for the staff of SYNLAB Cyprus.

We are confident that our people, with their expertise and experience, will be well placed to continue to provide excellent diagnostic services well into the future under the new leadership.

Any change in HR management will be decided upon completion of the acquisition by Medicover.

How important are such acquisitions for your sector in Cyprus?

These types of acquisitions are particularly important, as they enhance the quality of services provided in the health sector.

Medicover, as a major international player in this space, will bring additional resources and specialised knowledge to the local market, which could further improve service delivery in Cyprus.

This type of investment fosters growth and innovation, which is crucial for the industry.