Galway Bay fm newsroom - Beef magnate Larry Goodman is to take full ownership of Galway Clinic.
It's after his firm Parma Investments agreed to buy a 25 percent stake held by Dr. Joseph Sheehan - who initially developed Galway Clinic with his brother.
Galway Clinic is a 146 bed hospital on the outskirts of the city with 140 physicians and surgeons across a range of specialist areas.
It was initially developed by brothers Jimmy and Joseph Sheehan, who later ran into financial difficulties - at which point beef magnate Larry Goodman came on board as an investor.
Goodman's firm Parma Investments already controlled 75 percent of Galway Clinic's owner company Marpole Ltd, before purchasing the remaining stake from Dr. Joseph Sheehan, a Chicago based surgeon.
According to the Sunday Business Post, the deal granting Larry Goodman full control of the private hospital is worth an estimated €15m.
The development follows lengthy legal battles over the hospital - with Joseph Sheehan on one side, and Jimmy Sheehan and Larry Goodman on the other.
It's understood the disagreements centered on the transfer of shares and future plans for the hospital.
The most recent financial filings for Galway Clinic show revenue of over €90m and pre-tax profits of €5.1m.
