{"id":562864,"date":"2021-06-09T04:00:10","date_gmt":"2021-06-09T04:00:10","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2021\/06\/09\/tana-capital-backed-alex-medical-investments-in-pole-position-to-acquire-alex-medical\/"},"modified":"2021-06-09T04:00:10","modified_gmt":"2021-06-09T04:00:10","slug":"tana-capital-backed-alex-medical-investments-in-pole-position-to-acquire-alex-medical","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2021\/06\/09\/tana-capital-backed-alex-medical-investments-in-pole-position-to-acquire-alex-medical\/","title":{"rendered":"Tana Capital-backed Alex Medical Investments in pole position to acquire Alex Medical"},"content":{"rendered":"

<\/a> Alexandria Medical Investments subsidiary TAT Medical Services has upped <\/strong>its<\/strong> bid for 100% of Alex Medical Services<\/strong> and is now willing to pay EGP 49.04 per share, up from EGP 45.53 it offered in May<\/a>, the Financial Regulatory Authority said in a statement (pdf)<\/a>. This would value the company at around EGP 700 mn.<\/p>\n

An immediate response:<\/strong> The revised offer comes a few days after Yaz Holding<\/a> (previously known as Emirates Advanced Investments), the parent company of the UAE\u2019s Global One Healthcare Holding, offered<\/a> EGP 47.98 per share for at least 51% of Alex Medical.<\/p>\n

TAT is now in pole position:<\/strong> Abu Dhabi Commercial Bank (ADCB), which is looking to offload its 51.5% stake in the firm, said in a statement that it has committed to selling its shares to TAT, provided it remains the highest bidder and secures the required approvals. TAT still needs to get the go-ahead for the MTO from the FRA and the Health Ministry.<\/p>\n

TAT looks to be a vehicle of Tana Africa.<\/strong> TAT Medical Services is a subsidiary of Alexandria Medical Investments, which is the majority shareholder of Mabaret Al Asafra Hospitals. South African investment firm Tana Africa Capital<\/a> owns 49% of Alex Medical Investments<\/a>. Tana was said to be bidding directly for the stake<\/a> in Alex Medical alongside Mabaret Al Asafra. It is unclear to us who owns the remaining 51% of Alex Medical Investments.<\/p>\n

Who else is in the running?<\/strong> Other bidders<\/a> include Cleopatra Hospital, Nile Scan<\/a>, healthcare investment firm Seha Capital, and a consortium<\/a> made up of Saudi\u2019s Tawasol Holdings and Sherif El Akhdar\u2019s LimeVest.<\/p>\n

Remind me: Why is ADCB selling?<\/strong> Long story short, this goes back to the collapse of BR Shetty\u2019s Emirati health firm NMC Healthcare, which entered administration last year while engulfed in a fraud scandal. NMC owned a majority stake in Alex Medical, which was handed to creditor ADBC during the fire sale.<\/p>\n

CORRECTED ON 9 JUNE 2020-
\n\u00a0A previous version of this story referred to Emirates Advanced Investments as a separate entity from Global One Healthcare. Emirates Advanced, which changed its name in 2018 to Yaz Holding<\/a>, is the latter company's parent.
\n<\/em><\/p>\n

IN OTHER M&A NEWS- The ambitiously named <\/strong>Tycoon Holding<\/a><\/strong> submitted <\/strong>a non-binding <\/strong>offer<\/strong> to buy up to 90% of <\/strong>brokerage house ANFI<\/strong>, as the Alexandria National Company for Financial Investments is better known, at EGP 5.55 per share, according to a statement (pdf)<\/a>. This values the company at EGP 29 mn, according to our math.<\/p>\n

That\u2019s a long way off the highest bid so far:<\/strong> A group of investors including Egyptian businessman Ahmed El Saba and Saudi Arabia\u2019s Mostafa El Humeidan have offered to acquire 75-90% of the company for EGP 7.48 per share, and are currently doing due diligence<\/a>. Offers of EGP 5.30-5.51 per share have also been submitted by Zeta Investments<\/a>, Kayan Sustainable Development<\/a>, and Zaldi Capital.<\/p>\n

Who\u2019s selling?<\/strong> Abu Dhabi Islamic Bank (ADIB) owns 44% of the company through its Egypt unit and ADI Lease subsidiary while El Kahera El Watania Investment owns 41%.<\/p>\n","protected":false},"excerpt":{"rendered":"

Alexandria Medical Investments subsidiary TAT Medical Services has upped its bid for 100% of Alex Medical Services and is now willing to pay EGP 49.04 per share, up from EGP 45.53 it offered in May, the Financial Regulatory Authority said in a statement (pdf). This would value the company at around EGP 700 mn. An […]<\/p>\n","protected":false},"author":1,"featured_media":562865,"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":[2336,72,7115,7128],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-562864","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-ma-watch","tag-alexandria-medical-services","tag-enterpriseam","tag-healthcare","tag-ma-watch","wpautop","entry"],"acf":{"mongo_id":"d5dda1b5-e29d-44de-adad-25b7807093f7","is_powered_by":true,"story_type":"1","photo_url":"https:\/\/ent.news\/2021\/6\/127.jpg","photo_position":"above","related_issue":[562858],"teaser":"","voice_url":""},"yoast_head":"\nTana Capital-backed Alex Medical Investments in pole position to acquire Alex Medical - 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\/06\/09\/tana-capital-backed-alex-medical-investments-in-pole-position-to-acquire-alex-medical\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Tana Capital-backed Alex Medical Investments in pole position to acquire Alex Medical\" \/>\n<meta property=\"og:description\" content=\"Alexandria Medical Investments subsidiary TAT Medical Services has upped its bid for 100% of Alex Medical Services and is now willing to pay EGP 49.04 per share, up from EGP 45.53 it offered in May, the Financial Regulatory Authority said in a statement (pdf). This would value the company at around EGP 700 mn. 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The company notified the regulator yesterday, according\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\/10\/307.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":566242,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/06\/06\/the-bookies-should-be-running-odds-on-whos-going-to-get-alex-medical\/","url_meta":{"origin":562864,"position":2},"title":"The bookies should be running odds on who\u2019s going to get Alex Medical","author":"enterpriseam admin","date":"6 June 2021","format":false,"excerpt":"\u00a0Yas Holding launches bid for Alex Medical: It looks like yet another company has joined the bidding war for Abu Dhabi Commercial Bank\u2019s (ADCB) 51.4% stake in Alexandria Medical, as the UAE's Yas Holding (formerly known as Emirates Advanced Investments | LinkedIn) has made a mandatory tender offer for up\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\/6\/432.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":566126,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/05\/30\/speed-medical-quits-bidding-war-for-alex-medical\/","url_meta":{"origin":562864,"position":3},"title":"Speed Medical quits bidding war for Alex Medical","author":"enterpriseam admin","date":"30 May 2021","format":false,"excerpt":"Speed Medical is no longer part of a consortium bidding for 100% of Alexandria Medical Services, the EGX-listed medical diagnostics firm said in a statement (pdf), adding that it would instead be looking for new investments that it could consolidate on its balance sheet. Speed was after a 10% stake\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\/481.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":563549,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/07\/07\/enough-is-enough\/","url_meta":{"origin":562864,"position":4},"title":"Enough is enough","author":"enterpriseam admin","date":"7 July 2021","format":false,"excerpt":"Nile Misr Medical Holding is ready to exit the race to acquire Alexandria Medical Services should the bidding war continue to drive up the purchase price, the CEO of the company told us yesterday. \u201cWe\u2019re still in the race, but we think [offers on the table] are on the high\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\/7\/67.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":549515,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/09\/20\/another-bidder-is-back-for-alex-medical\/","url_meta":{"origin":562864,"position":5},"title":"Another bidder is back for Alex Medical","author":"enterpriseam admin","date":"20 September 2022","format":false,"excerpt":"Yas Holding relaunches its bid to acquire Alex Medical: The UAE\u2019s Yas Holding (formerly known as Emirates Advanced Investments) appears to be reentering the bidding war for Alexandria Medical Services. The company has upped the per-share price of the offer it made for a majority stake in Alex Medical last\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\/2022\/9\/283.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\/562864","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=562864"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/562864\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/562858"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media\/562865"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=562864"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=562864"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=562864"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=562864"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=562864"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}