Speed Medical signs acquisition agreement with Safwa labs in Egypt’s Ismaila

M&A WATCH- Speed Medical signs management + acquisition agreement with Ismailia’s Safwa labs: Speed Medical has signed an agreement to acquire Ismailia-based medical labs chain Safwa later this year after managing Safwa’s five branches for a few months on a trial basis, Speed said in a disclosure to the EGX (pdf). Speed is targeting adding 30 labs and outpatient clinics this year at an investment cost of EGP 160 mn, Chairman Mahmoud Lasheen said in November. The company’s board recently approved raising issued capital by 211% to EGP 221.82 mn as part of a plan to move from small-cap NileX, where the company is currently listed, this quarter, according to a filing to the EGX (pdf).