B Healthcare Investments to acquire two hospitals in Egypt and Saudi Arabia

B Investments Holding’s investment arm B Healthcare Investments will soon acquire two specialized hospitals in the fields of in-vitro fertilization (IVF) and reproductive health in Egypt and Saudi Arabia, Hapi Journal reports, citing unnamed sources. The company is also considering similar transitions in other Gulf markets, alongside entering new specialized fields in the Egyptian market.

The move will follow — and be funded by — a CIB-led consortium’s acquisition of a majority stake in the company, which will be done through a GP 500 mn capital increase. Under the acquisition, CIB will join the company’s shareholders with around 25% of the company, Misr Ins. and Misr Life Ins. will each have a 10% stake, and Al Baraka Bank Egypt will own 5%. The new shareholders will sit beside B Investments Holding with 25% of the company following the acquisition, while Egypt’s Sovereign Fund healthcare sub-fund and another investor will own the remaining 25%.

B Healthcare Investments has already submitted documents for the acquisition of a majority stake in the Saudi hospital in what is classified as a large-scale transaction, which may require a new capital increase in the coming period, according to the sources.

ADVISORS- Zaki Hashem & Partners is acting as the legal advisor for B Healthcare Investments, while a financial advisor is in the process of being appointed, the sources added.

ALSO- B Investments Holding intends to establish a holding company specializing in investing in retail chains with a capital of EGP 1 bn, which will make acquisitions in food chains, Chairman Hazem Barakat told Hapi Journal. Negotiations to acquire majority stakes in several chains are already underway, he added. The new holding company will not include B Investment’s existing investments in Gourmet Egypt and Al Arabi, Barakat clarified.