{"id":558929,"date":"2021-01-03T03:45:17","date_gmt":"2021-01-03T03:45:17","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2021\/01\/03\/chg-alameda-merger-faces-antitrust-headwinds\/"},"modified":"2021-01-03T03:45:17","modified_gmt":"2021-01-03T03:45:17","slug":"chg-alameda-merger-faces-antitrust-headwinds","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2021\/01\/03\/chg-alameda-merger-faces-antitrust-headwinds\/","title":{"rendered":"CHG-Alameda merger faces antitrust headwinds"},"content":{"rendered":"

<\/a> Is the healthcare industry\u2019s mega-merger facing a regulatory hurdle?<\/strong> Cleopatra Hospital Group\u2019s (CHG) acquisition of 100% of Alameda Healthcare Group has not received the Egyptian Competition Authority\u2019s (ECA) blessing, which said in a statement (pdf)<\/a> last week that its preliminary decision is to not approve the merger. CHG had announced the sale and purchase agreement last week<\/a>, with an eye to close the transaction in 1H2021, pending regulatory approvals.<\/p>\n

So, what\u2019s the ECA\u2019s problem here?<\/strong> The competition watchdog suggests there are \u201cindicators\u201d the merger could have a negative impact on Egypt\u2019s healthcare industry, saying an initial study of the country\u2019s private hospital landscape found that the merged entity would monopolize services in the Cairo-Giza area. The ECA also suggests that this scenario could give the company more power over the labor market and allow it to lower wages.<\/p>\n

But how big would the company really be? <\/strong>The merger would give Cleopatra control of some 1,450 beds, equating to around 15% of beds in private sector hospitals in Greater Cairo and 4% nationwide.<\/p>\n

Then there\u2019s just the small fact that the ECA doesn\u2019t have a binding say on the matter (yet).<\/strong> The regulator doesn\u2019t have the power to block mergers and acquisitions from taking place, and can only challenge agreements after they\u2019ve been made. Proposed mendments to the Antitrust Act would change this, requiring companies to seek the authority\u2019s approval before finalizing M&As. The changes are still making their way down the legislative pipeline, having received the green light from the cabinet in November<\/a>. The amendments still require approval from the House of Representatives and ratification by President Abdel Fattah El Sisi before coming into effect \u2014 a process we doubt will wrap before the CHG-Alameda merger does.<\/p>\n

CHG nonetheless acknowledged that the transaction is pending approvals<\/strong>, including from the Health Ministry, Financial Regulatory Authority, ECA, and shareholders, according to a bourse disclosure on Thursday (pdf)<\/a>. The company also said it has yet to submit a \u201ccomplete application\u201d to the ECA, which it is currently preparing and will address the ECA\u2019s concerns.<\/p>\n

ALSO FROM THE ECA-<\/strong><\/p>\n

Al Ahram Beverages Company has been engaging in monopolistic<\/strong> practices <\/strong>that violate the antitrust law<\/strong>, including forcing its clients not to do business with its competitors and offering loyalty markdowns, the ECA alleged in a statement (pdf)<\/a>. The company uses its market power to control prices and supply, which has forced some retailers out of business, prevented market competition and stunted investment in the sector, the ECA claimed. The statement made no mention of consequences or sanctions for the nation\u2019s largest producer and distributor of alcoholic beverages.<\/p>\n

MOVES- The ECA has appointed Mahmoud Momtaz <\/strong>(LinkedIn<\/a>) as its new c<\/strong>hairman<\/strong>, the Trade Ministry said in a statement<\/a>. Momtaz holds a PhD in competition law and economics from the University of Hamburg, and has been a specialist on the private sector and competition expert at the World Bank since 2018. He\u2019s also an ECA veteran, having worked at the authority between 2008 and 2018.<\/p>\n","protected":false},"excerpt":{"rendered":"

Is the healthcare industry\u2019s mega-merger facing a regulatory hurdle? Cleopatra Hospital Group\u2019s (CHG) acquisition of 100% of Alameda Healthcare Group has not received the Egyptian Competition Authority\u2019s (ECA) blessing, which said in a statement (pdf) last week that its preliminary decision is to not approve the merger. CHG had announced the sale and purchase agreement […]<\/p>\n","protected":false},"author":1,"featured_media":558930,"comment_status":"closed","ping_status":"open","sticky":false,"template":"single-feature.php","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[8787],"tags":[489,192,1978,549,72,7128,206,343],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-558929","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-competition-watch","tag-alameda-healthcare","tag-cleopatra-hospitals-group","tag-competition-watch","tag-egyptian-competition-authority","tag-enterpriseam","tag-ma-watch","tag-moves","tag-regulation","wpautop","entry"],"acf":{"mongo_id":"804e3055-24aa-46c0-8430-66c646aaf468","is_powered_by":true,"story_type":"1","photo_url":"https:\/\/ent.news\/2021\/1\/8.jpg","photo_position":"above","related_issue":[558925],"teaser":"","voice_url":""},"yoast_head":"\nCHG-Alameda merger faces antitrust headwinds - EnterpriseAM Egypt<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/enterpriseam.com\/egypt\/2021\/01\/03\/chg-alameda-merger-faces-antitrust-headwinds\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"CHG-Alameda merger faces antitrust headwinds\" \/>\n<meta property=\"og:description\" content=\"Is the healthcare industry\u2019s mega-merger facing a regulatory hurdle? 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Alameda could be valued at USD 450-500 mn, including debt, Bloomberg\u2019s sources say. The transaction would see CHG\u2026","rel":"","context":"In "M&A WATCH"","block_context":{"text":"M&A WATCH","link":"https:\/\/enterpriseam.com\/egypt\/category\/ma-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":559160,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/01\/12\/healthcare-mega-merger-dissected\/","url_meta":{"origin":558929,"position":1},"title":"Healthcare mega-merger, dissected","author":"enterpriseam admin","date":"12 January 2021","format":false,"excerpt":"What to expect from the health industry\u2019s mega-merger: In a conference call with investors yesterday, Cleopatra Hospitals Group (CHG) CEO Ahmed Ezzeldin and Chairman Ahmed Badreldin broke down the healthcare provider\u2019s planned acquisition of Alameda Healthcare Group\u2019s Egypt assets. The merger, which was announced last month, is still pending regulatory\u2026","rel":"","context":"In "M&A WATCH"","block_context":{"text":"M&A WATCH","link":"https:\/\/enterpriseam.com\/egypt\/category\/ma-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2021\/1\/125.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":565869,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/05\/10\/healthcare-mega-merger-is-off\/","url_meta":{"origin":558929,"position":2},"title":"Healthcare mega-merger is off","author":"enterpriseam admin","date":"10 May 2021","format":false,"excerpt":"Alameda Healthcare and EGX-listed Cleopatra Hospitals Group (CHG) will not be tying up, Cleopatra said in a brief regulatory filing (pdf) this afternoon. Cleo said the \u201csale and purchase agreement to acquire Alameda Healthcare Group in Egypt \u2026 has been terminated.\u201d The news comes nearly five months after the two\u2026","rel":"","context":"In "SPEED ROUND: M&A WATCH"","block_context":{"text":"SPEED ROUND: M&A WATCH","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round-ma-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2021\/5\/345.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":571023,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/04\/27\/cleopatra-alameda-to-complete-merger-within-a-month-sources\/","url_meta":{"origin":558929,"position":3},"title":"Cleopatra, Alameda to complete merger \u201cwithin a month\u201d -sources","author":"enterpriseam admin","date":"27 April 2020","format":false,"excerpt":"M&A WATCH- Cleopatra Hospitals merger with Alameda Healthcare likely within a month? EGX-listed Cleopatra Hospitals Group is in the final stages of merger talks with Alameda Healthcare, setting the two up to consummate a marriage \u201cwithin a month,\u201d Al Mal reports, citing unnamed \u201cinformed\u201d sources. Transaction was stalled after covid-19\u2026","rel":"","context":"In "Speed Round"","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":572305,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/06\/21\/cleopatra-denies-alameda-merger-happening-this-week\/","url_meta":{"origin":558929,"position":4},"title":"Cleopatra denies Alameda merger happening this week","author":"enterpriseam admin","date":"21 June 2020","format":false,"excerpt":"M&A WATCH- Cleopatra denies Alameda merger happening this week: The EGX-listed Cleopatra Hospital Group last week dismissed reportsthat its planned merger with Alameda will take place this week, according to a regulatory disclosure (pdf). The local press reported last week that the Egyptian Competition Authority will not seek to block\u2026","rel":"","context":"In "Speed Round"","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":568369,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/12\/28\/healthcare-mega-merger\/","url_meta":{"origin":558929,"position":5},"title":"Healthcare mega-merger","author":"enterpriseam admin","date":"28 December 2020","format":false,"excerpt":"Cleopatra Hospitals Group (CHG) has acquired 100% of Alameda Healthcare Group\u2019s Egypt assets in a sale and purchase agreement that would see the two healthcare service providers merge their operations in Egypt, CHG announced (pdf) yesterday morning. The transaction will see CHG control and operate Alameda\u2019s facilities, including Dar El\u2026","rel":"","context":"In "M&A WATCH"","block_context":{"text":"M&A WATCH","link":"https:\/\/enterpriseam.com\/egypt\/category\/ma-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2020\/12\/457.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]}],"_links":{"self":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/558929","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/comments?post=558929"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/558929\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/558925"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media\/558930"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=558929"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=558929"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=558929"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=558929"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=558929"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}