SINGAPORE (Apr 3): Clearbridge Health, the recently listed healthcare group, announced that it has completed its acquisition of an 85% stake in Medic Surgical Private Limited (MSPL) and Medic Laser Private Limited (MLPL) for $5.5 million.

See: Clearbridge closes flat at 28 cents on trading debut

MSPL and MLPL collectively operate a medical aesthetics clinic in Tanjong Pagar called Medic Surgery and Laser Clinic, catering mainly to working professionals seeking general medicine services and high-end dermatology treatments at affordable prices.

Out of the total consideration of $5.5 million, $2.0 million will be paid in cash, while the remaining $3.5 million will be satisfied by the issuance of about 6.34 million new Clearbridge shares.

Following this acquisition, Clearbridge will own a total of four medical centres and clinics – two in Singapore, one in Hong Kong and one in the Philippines.

See: Clearbridge Health to acquire 65% stake in medical centre in Manila

Jeremy Yee, executive director and CEO of Clearbridge says, “The acquisition also provides the Group with an additional pillar of growth as we continue to expand our presence in Singapore and overseas. Moreover, we expect the acquisition to generate significant cost synergies and economies of scale as we will be able to deploy other wellness products and laboratory testing services within the Group through the expanded network of clinics in Singapore especially in the area of medical aesthetics.”