In Line With the Objectives of Its Strategic Roadmap, ORPEA Undertakes Its Geographical Refocusing

Signature of an Agreement With Adoro SIA for the Sale of ORPEA Activities in Latvia

PUTEAUX, France--(BUSINESS WIRE)--Regulatory News:

ORPEA (Paris:ORP) announces that it has signed an agreement with Adoro SIA for the sale of a retirement home in Riga, its entire scope of activities in Latvia.

With this transaction, ORPEA continues to implement its Refoundation Plan announced on November 15, 2022, by beginning to review its geographic footprint. ORPEA wishes to focus on all geographies where the Group can achieve a sustainable and committed leadership position, always with the objective of satisfying the expectations of the residents, patients and their families.

Adoro SIA is a Baltic actor present in the elderly care sector in Latvia. Their experience of the market and their reputation make it possible to envisage the takeover of our Latvian activities under good conditions, particularly for the residents and employees of the retirement home.

The completion of this transaction remains subject to usual conditions precedent and is expected to take place during the third quarter of 2023.

Laurent Guillot, ORPEA's Chief Executive Officer, said: "The evolution of the ORPEA group towards a more transparent and efficient development model is well underway, in full accordance with the objectives announced at the presentation of the ORPEA Change! With you and for you plan on 15 November 2022. It is in this spirit that we, together with the management team, are determined to review the scope of our activities by focusing on markets in which the group has a leading position among private operators, while satisfying the expectations of our residents, patients and their families. This sale in Latvia is being carried out with a partner that has proven local experience and shares our goal of achieving a quality of care and support that meets the requirements of residents and their families. Finally, I would like to thank our Latvian colleagues for their commitment and professionalism.”

About ORPEA

ORPEA is a leading global player, expert in providing care for all types of frailty. The Group operates in 21 countries and covers three core businesses: care for the elderly (nursing homes, assisted living facilities, homecare and services), post-acute and rehabilitation care and mental health care (specialized clinics). It has more than 76,000 employees and welcomes more than 267,000 patients and residents each year.
https://www.orpea-group.com/en
ORPEA is listed on Euronext Paris (ISIN: FR0000184798) and is a member of the SBF 120, MSCI Small Cap Europe and CAC Mid 60 indices.