{"id":561539,"date":"2021-04-12T03:47:39","date_gmt":"2021-04-12T03:47:39","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2021\/04\/12\/red-hot\/"},"modified":"2021-04-12T03:47:39","modified_gmt":"2021-04-12T03:47:39","slug":"red-hot","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2021\/04\/12\/red-hot\/","title":{"rendered":"Red hot"},"content":{"rendered":"<p><a id=\"tldr-story-02\" class=\"content-anchor\"><\/a> <strong>T<\/strong><strong>he bidding war for Alexandria Medical looks to be heating. <\/strong>EGX-listed Cleopatra Hospitals Group (CHG) is now reportedly throwing its hat in the ring for Abu Dhabi Commercial Bank\u2019s (ADCB) 51.5% stake in Alexandria Medical Services, <a href=\"https:\/\/bit.ly\/326sNt6\">Al Mal<\/a> reports, citing unnamed sources it says have direct knowledge of the transaction.<\/p>\n<p><strong>Ain\u2019t nobody talking:<\/strong> Representatives of CHG as well as of the investment banks involved \u2014 EFG Hermes and CI Capital \u2014 were either unavailable or declined to comment. Alex Medical neither confirmed nor denied the news, saying in <a href=\"https:\/\/ent.news\/2021\/4\/Alex-Medical-disclosure-04-11-21.pdf\">a regulatory filing (pdf)<\/a> it has no information on CHG\u2019s apparent intention to bid.<\/p>\n<p><strong>This isn\u2019t the first time CHG has been linked with Alex Medical:<\/strong> Cleo <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/2887e3f2-62ad-4927-8d19-e449d67d15cc\">publicly denied<\/a><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/2887e3f2-62ad-4927-8d19-e449d67d15cc\">interest<\/a> in Alex Medical last year after reports in the press claimed it was considering making a bid.<\/p>\n<p><strong>A bid would be wholly consistent with Cleo\u2019s growth strategy:<\/strong> CHG has been on an acquisition tear in recent years, most recently announcing <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/a1bb131c-3141-4fbe-a713-30943533e699\">a mega-merger<\/a> with Alameda Healthcare Group that will see CHG and Alameda\u2019s Egypt assets merge to become the largest private-sector healthcare group by a wide margin. The agreement, which was <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/f49a0bad-84a7-49f3-b20e-68c1976ec30b\">announced in December<\/a>, is expected to close in June. CHG also locked down a 60% stake in Bedaya Hospital with a business transfer agreement <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/31d9479c-6da0-4c9c-9212-833fc6ba94b4\">last September<\/a> and acquired Queens and El Katib hospitals in 2019.<\/p>\n<p><strong>Speed Medical has put in a bid<\/strong>, confirming in <a href=\"https:\/\/ent.news\/2021\/4\/SPMD-11-04-2021.pdf\">a disclosure (pdf)<\/a> yesterday that its consortium with Saudi\u2019s Tawasol Holdings (already a 26% shareholder in Alex Medical) and Sharif El Akhdar\u2019s <a href=\"https:\/\/www.limevest.com\/\">LimeVest<\/a> has made an offer to Alex Medical\u2019s advisor, CI Capital. The consortium <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/2f677a9d-e35c-49ee-89a3-2aba218f6d67\">reportedly reached out<\/a> to ADCB back in January to discuss a transaction. Alex Medical <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/da0d6b7d-f168-4ce8-9ab7-fc3e80efa7d2\">confirmed<\/a> the consortium was interested in submitting an offer to purchase the company\u2019s shares at EGP 38.09 apiece.<\/p>\n<p><strong>Who else is in the running?<\/strong> Reports in the local press <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/32464677-86e4-46cf-8bd1-d46f985c44a4\">last month<\/a> suggested the Mabaret Al Asafra-Tana consortium would submit a bid to acquire 100% of the firm before the end of March. Alex Medical <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/3a44e789-f9c8-4c3f-a9f5-66c03de35797\">denied the news<\/a> a week later, claiming that it was unaware of the potential takeover bid, but Al Mal\u2019s sources yesterday seemed to confirm the existence of a bid, telling the newspaper that the consortium had valued Alex Medical at more than EGP 650 mn.<\/p>\n<p><strong>Advisors: <\/strong>EFG Hermes is acting as CHG's financial advisor, while Arqaam Capital is advising the Mabaret Al Asafra-Tana consortium. Zilla Capital is advising Mabaret Al Asafra's shareholders. Prime Capital is advising to the Tawasol-Speed Medical consortium. CI Capital is the sell-side advisor.<\/p>\n<p><em>CORRECTION- 12 April 2021<\/em><\/p>\n<p><em>An earlier version of this story incorrectly said Zilla Capital is advising the Mabaret Al Asafra-Tana consortium.<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"<p>The bidding war for Alexandria Medical looks to be heating. EGX-listed Cleopatra Hospitals Group (CHG) is now reportedly throwing its hat in the ring for Abu Dhabi Commercial Bank\u2019s (ADCB) 51.5% stake in Alexandria Medical Services, Al Mal reports, citing unnamed sources it says have direct knowledge of the transaction. Ain\u2019t nobody talking: Representatives of [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":561540,"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":[988,2336,136,192,84,72,7115,7128,3676,3759,3675,1474],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-561539","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-ma-watch","tag-abu-dhabi-commercial-bank","tag-alexandria-medical-services","tag-ci-capital","tag-cleopatra-hospitals-group","tag-efg-hermes","tag-enterpriseam","tag-healthcare","tag-ma-watch","tag-mabaret-al-asafra-hospitals","tag-prime-capital","tag-tana-africa-capital","tag-zilla-capital","wpautop","entry"],"acf":{"mongo_id":"a108ea38-12e7-4974-9c7c-e191893d0399","is_powered_by":true,"story_type":"1","photo_url":"https:\/\/ent.news\/2021\/4\/112.jpg","photo_position":"above","related_issue":[561535],"teaser":"","voice_url":""},"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.1 (Yoast SEO v27.1.1) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Red hot - 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\/04\/12\/red-hot\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Red hot\" \/>\n<meta property=\"og:description\" content=\"The bidding war for Alexandria Medical looks to be heating. 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CHG submitted\u2026","rel":"","context":"In &quot;SPEED ROUND:M&amp;A WATCH&quot;","block_context":{"text":"SPEED ROUND:M&amp;A WATCH","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-roundma-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":565627,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/04\/20\/its-official-4-investors-are-in-the-bidding-war-for-alex-medical\/","url_meta":{"origin":561539,"position":1},"title":"It\u2019s official: 4 investors are in the bidding war for Alex Medical","author":"enterpriseam admin","date":"20 April 2021","format":false,"excerpt":"Healthcare investment firm Seha Capital is the latest to throw its hat in the ring for Alexandria Medical Services as Abu Dhabi Commercial Bank(ADCB) looks to offload its 51.54% stake, Alex Medical said in an EGX disclosure (pdf).The company is now officially being courted by four bidders: EGX-listed Cleopatra Hospitals\u2026","rel":"","context":"In &quot;SPEED ROUND: M&amp;A WATCH&quot;","block_context":{"text":"SPEED ROUND: M&amp;A WATCH","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round-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":565917,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/05\/17\/cleopatra-wants-100-of-alex-medical\/","url_meta":{"origin":561539,"position":2},"title":"Cleopatra wants 100% of Alex Medical","author":"enterpriseam admin","date":"17 May 2021","format":false,"excerpt":"Cleopatra mounts Alex Medical takeover bid: Cleopatra Hospitals Group (CHG) has submitted a mandatory tender offer to acquire up to 100% of Alexandria Medical Services in a transaction that would value the company at EGP 550 mn, the EGX-listed group said in a statement (pdf) this morning. The company has\u2026","rel":"","context":"In &quot;SPEED ROUND: M&amp;A WATCH&quot;","block_context":{"text":"SPEED ROUND: M&amp;A WATCH","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round-ma-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2021\/5\/367.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":565776,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/05\/04\/raya-wraps-up-agreement-to-sell-bariq-to-intro-group\/","url_meta":{"origin":561539,"position":3},"title":"Raya wraps up agreement to sell BariQ to Intro Group","author":"enterpriseam admin","date":"4 May 2021","format":false,"excerpt":"Raya agrees BariQ sale: Raya Holding has signed an agreement with Intro Group subsidiary Intro Waste Management to sell 100% of its recycling arm BariQ in a transaction that values the company at more than EGP 490 mn, Raya said in a statement (pdf) this morning. Raya\u2019s board had originally\u2026","rel":"","context":"In &quot;SPEED ROUND: M&amp;A WATCH&quot;","block_context":{"text":"SPEED ROUND: M&amp;A WATCH","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round-ma-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2021\/5\/294.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":634641,"url":"https:\/\/enterpriseam.com\/egypt\/2018\/01\/21\/cleopatra-hospitals-group-outlines-case-for-acquisition-of-el-nozha-intl\/","url_meta":{"origin":561539,"position":4},"title":"Cleopatra Hospitals Group outlines case for acquisition of El Nozha Int\u2019l","author":"enterpriseam admin","date":"21 January 2018","format":false,"excerpt":"Cleopatra Hospitals Group outlines case for acquisition of El Nozha Int\u2019l: Cleopatra Hosptials Group, one of Egypt\u2019s largest private-sector hospital operators, gave more colour on its bid for El Nozha International Hospital in a release issued Thursday (pdf). \u201cEl Nozha is exactly the type of accretive acquisition we are seeking:\u2026","rel":"","context":"In &quot;Speed Round&quot;","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":573792,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/08\/18\/cleopatra-hospital-group-speed-medical-deny-theyre-pursuing-alex-medical\/","url_meta":{"origin":561539,"position":5},"title":"Cleopatra Hospital Group, Speed Medical deny they\u2019re pursuing Alex Medical","author":"enterpriseam admin","date":"18 August 2020","format":false,"excerpt":"M&A WATCH- Speed Medical, Cleopatra Hospital Group deny interest in Alex Medical: Speed Medical and Cleopatra Hospital Group (CHG) and Alexandria Medical Services yesterday denied (here and here \u2014 pdfs) reports that they are looking to buy embattled Indian bn\u2019aire BR Shetty\u2019s majority stake in Alexandria Medical. Al Mal earlier\u2026","rel":"","context":"In &quot;Speed Round&quot;","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2020\/8\/142.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\/561539","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=561539"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/561539\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/561535"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media\/561540"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=561539"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=561539"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=561539"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=561539"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=561539"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}