Spain’s Mediterrania Capital Partners acquires 40% of Cairo Scan in EGP 103 mn agreement

M&A WATCH- The nation’s healthcare sector continues to be the most interesting center of gravity for M&A. The latest news sees Spain’s Mediterrania Capital acquiring a 40% stake in Cairo Scan for a reported EGP 103 mn. Mediterrania disclosed the investment, its first in Egypt in a statement (pdf) yesterday that stopped short of putting a value on the transaction, noting that it acquired the 750-person company through its MENA-focused fund MC III. Al Mal cites unnamed sources for the c. 40% figure, saying sellers included chairman and managing director Mohamed Abdel Wahab and shareholder Ashraf Selim. “Mediterrania Capital Partners investment is aimed at supporting the group’s development plans, including the expansion of Cairo Scan’s branch network and the construction of a state-of-the-art flagship branch that will provide improved access to a significant portion of the population in Egypt,” the company said in a statement. EY provided financial due diligence to Medietrrania, while Zaki Hashem & Partners were legal counsel on the buyside.