{"id":559160,"date":"2021-01-12T04:13:08","date_gmt":"2021-01-12T04:13:08","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2021\/01\/12\/healthcare-mega-merger-dissected\/"},"modified":"2021-01-12T04:13:08","modified_gmt":"2021-01-12T04:13:08","slug":"healthcare-mega-merger-dissected","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2021\/01\/12\/healthcare-mega-merger-dissected\/","title":{"rendered":"Healthcare mega-merger, dissected"},"content":{"rendered":"

<\/a> What to expect from the health industry\u2019s mega-merger:<\/strong> 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<\/a>, is still pending regulatory approvals but is expected to close before the end of June. Key takeaways from the call:<\/p>\n

The basics:<\/strong> The combined group is expected to hold around 15% of Greater Cairo\u2019s commercial bed capacity, with CHG currently holding 8% and Alameda bringing 7% to the new entity. In terms of facilities, CHG has six facilities, while Alameda has three facilities up and running and a fourth that it expects to inaugurate in 1H2021.<\/p>\n

The merger comes at a time when the private healthcare industry is ripe for investments \u2014 and consolidation.<\/strong> With a growing population and longer life expectancies, combined with an increased prevalence of chronic diseases, there\u2019s \u201ca huge market that\u2019s growing every year,\u201d said Ezzeldin. The vast majority of hospital beds \u2014 of which Egypt has 1.3 per 1,000 citizens \u2014 are owned by the health and defense ministries and university hospitals, while the private market that holds the rest of the country\u2019s patient capacity is \u201ctotally fragmented.\u201d<\/p>\n

It also coincides with the ongoing roll-out of the government\u2019s universal healthcare scheme, in which the combined company \u201cexpects to be a key partner,\u201d<\/strong> said Badreldin. \u201cWith the combined scale, we expect to be able to expand our capacity in other governorates following the healthcare scheme,\u201d he said.<\/p>\n

What about the competition authority? <\/strong>The call ended without officials addressing a question from Enterprise about regulatory approval of the transaction. The Egyptian Competition Authority has expressed opposition<\/a> to the merger.<\/p>\n

Both CHG and Alameda are going into the merger on solid financial footing:<\/strong> CHG closed out 2020 with revenues north of EGP 2 bn, following record performance during the fourth quarter of the year, said Ezzeldin. The company is expected to release its full-year earnings in around six weeks or less, he noted. Alameda\u2019s 9M2020 revenues<\/a> come in at around EGP 1.49 bn, growing 4% y-o-y despite the pandemic.<\/p>\n

\u2026and they expect a bump from the merger:<\/strong> Overall, Cleopatra runs its facilities at 65-75% utilization, and Alameda has a utilization rate of around 50% across its hospitals, said Badreldin. CHG expects Alameda to \u201cexhibit strong EBITDA and cashflow generation,\u201d given the group has invested north of EGP 3.5 bn in capex over the last four years, said Badreldin. The merger is expected to accelerate the overall growth trajectory for CHG, which has been investing in the Egyptian market since 2015. Alameda\u2019s hospitals already enjoy a strong reputation, but operate \u201cat somewhat lower margins'' than CHG. \u201cThere is, in our view, room for EBITDA margin improvement for the Alameda assets to bring them to the same level\u201d as CHG\u2019s, whose flagship hospital runs at north of 30% EBITDA margins.<\/p>\n

The merger will also improve service quality and employment prospects:<\/strong> Both CHG and Alameda are expected to benefit from clinical standardizations and the transfer of knowledge, allowing for enhanced patient safety and an improvement in the quality of outcomes, said Badreldin. The combination of the two healthcare players will also benefit the healthcare industry at large by creating at least 2,000 new jobs, Ezzeldin said.<\/p>\n","protected":false},"excerpt":{"rendered":"

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 approvals but is expected to […]<\/p>\n","protected":false},"author":1,"featured_media":559161,"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":[7363],"tags":[489,192,549,72,7128],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-559160","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-ma-watch","tag-alameda-healthcare","tag-cleopatra-hospitals-group","tag-egyptian-competition-authority","tag-enterpriseam","tag-ma-watch","wpautop","entry"],"acf":{"mongo_id":"a1bb131c-3141-4fbe-a713-30943533e699","is_powered_by":true,"story_type":"1","photo_url":"https:\/\/ent.news\/2021\/1\/125.jpg","photo_position":"above","related_issue":[559154],"teaser":"","voice_url":""},"yoast_head":"\nHealthcare mega-merger, dissected - 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\/12\/healthcare-mega-merger-dissected\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Healthcare mega-merger, dissected\" \/>\n<meta property=\"og:description\" content=\"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 approvals but is expected to […]\" \/>\n<meta property=\"og:url\" content=\"https:\/\/enterpriseam.com\/egypt\/2021\/01\/12\/healthcare-mega-merger-dissected\/\" \/>\n<meta property=\"og:site_name\" content=\"EnterpriseAM Egypt\" \/>\n<meta property=\"article:published_time\" content=\"2021-01-12T04:13:08+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/i0.wp.com\/ent.news\/2021\/1\/125.jpg?fit=%2C&ssl=1\" \/>\n<meta name=\"author\" content=\"enterpriseam admin\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"enterpriseam admin\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"3 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2021\/01\/12\/healthcare-mega-merger-dissected\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2021\/01\/12\/healthcare-mega-merger-dissected\/\"},\"author\":{\"name\":\"enterpriseam admin\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/#\/schema\/person\/ca597032db7e4db868359c123cec256d\"},\"headline\":\"Healthcare mega-merger, dissected\",\"datePublished\":\"2021-01-12T04:13:08+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2021\/01\/12\/healthcare-mega-merger-dissected\/\"},\"wordCount\":548,\"publisher\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/#organization\"},\"image\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2021\/01\/12\/healthcare-mega-merger-dissected\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/i0.wp.com\/ent.news\/2021\/1\/125.jpg?fit=%2C&ssl=1\",\"keywords\":[\"Alameda Healthcare\",\"Cleopatra Hospitals Group\",\"Egyptian Competition Authority\",\"EnterpriseAM\",\"M&A Watch\"],\"articleSection\":[\"M&A WATCH\"],\"inLanguage\":\"en-US\"},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2021\/01\/12\/healthcare-mega-merger-dissected\/\",\"url\":\"https:\/\/enterpriseam.com\/egypt\/2021\/01\/12\/healthcare-mega-merger-dissected\/\",\"name\":\"Healthcare mega-merger, dissected - 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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":565869,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/05\/10\/healthcare-mega-merger-is-off\/","url_meta":{"origin":559160,"position":1},"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":568369,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/12\/28\/healthcare-mega-merger\/","url_meta":{"origin":559160,"position":2},"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":[]},{"id":558929,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/01\/03\/chg-alameda-merger-faces-antitrust-headwinds\/","url_meta":{"origin":559160,"position":3},"title":"CHG-Alameda merger faces antitrust headwinds","author":"enterpriseam admin","date":"3 January 2021","format":false,"excerpt":"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\u2026","rel":"","context":"In "COMPETITION WATCH"","block_context":{"text":"COMPETITION WATCH","link":"https:\/\/enterpriseam.com\/egypt\/category\/competition-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2021\/1\/8.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":559160,"position":4},"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":559160,"position":5},"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":[]}],"_links":{"self":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/559160","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=559160"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/559160\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/559154"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media\/559161"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=559160"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=559160"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=559160"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=559160"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=559160"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}