Is Johann Rupert about to redraw Mediclinic’s future?

Remgro has announced that it is in talks with its partner, MSC Mediterranean Shipping Company, about a major restructuring of their joint ownership of Mediclinic. The proposal, which is still non-binding and subject to further negotiations, could see each shareholder taking full control of different parts of the international healthcare group.

Remgro, chaired by billionaire Johann Rupert, and MSC currently co-own Mediclinic Holdings through a joint venture. Under the proposed deal, Remgro would take full ownership of Mediclinic’s Southern Africa business, while MSC would assume full ownership of the group’s Swiss division, Hirslanden.

Both companies would continue to jointly own Mediclinic’s operations in the Middle East, as well as its stake in Spire Healthcare in the UK.

Remgro says the healthcare landscape has changed rapidly in recent years, with ageing populations, rising chronic disease, and fast-moving medical technology putting pressure on healthcare operators to be more agile. Giving each company full control in its home region, they argue, will allow for quicker decision-making and more focused patient care strategies.

Both Remgro and MSC emphasised that they remain committed to investing in the private healthcare sector and see long-term opportunities for growth. They highlighted the Middle East as a region where joint ownership still makes strategic sense, given the market’s rapid expansion and strong demand for private healthcare.

The companies have agreed in principle to a 1:1 value exchange between Mediclinic Southern Africa and Hirslanden, based on their latest financial metrics and exchange rates. However, the exact structure, costs and final terms still need to be negotiated. The deal would be classified as a Category 2 transaction under JSE rules, meaning it could influence Remgro’s share price.

Remgro said employees and continuity of patient care are central to the discussions. The company stressed that no immediate changes will take place and that day-to-day operations across Mediclinic will continue as normal while negotiations unfold. Governance structures will also remain unchanged until a final agreement is reached.

The potential deal is still subject to several conditions, including regulatory approvals, third-party consents, and approval from the boards of both Remgro and MSC. The companies aim to finalise a full transaction agreement early in 2026, with implementation expected by the end of that year if all conditions are met.

Alongside the deal update, Remgro also published Mediclinic’s financial performance for the six months ending September 30, 2025. The group reported strong growth, with revenue up 10% to $2.57 billion and adjusted EBITDA rising 23%. Adjusted earnings increased by 91%, reflecting strong operations across all markets, particularly in the Middle East.

Remgro advised shareholders to exercise caution when trading its shares until more details on the potential transaction are released. Further announcements will be made as negotiations progress.

IOL