{"id":565869,"date":"2021-05-10T13:52:07","date_gmt":"2021-05-10T13:52:07","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2021\/05\/10\/healthcare-mega-merger-is-off\/"},"modified":"2021-05-10T13:52:07","modified_gmt":"2021-05-10T13:52:07","slug":"healthcare-mega-merger-is-off","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2021\/05\/10\/healthcare-mega-merger-is-off\/","title":{"rendered":"Healthcare mega-merger is off"},"content":{"rendered":"

<\/a> Alameda Healthcare and EGX-listed Cleopatra Hospitals Group (CHG) will not be <\/strong>tying up<\/strong>, Cleopatra said in a brief regulatory filing (pdf)<\/a> 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 parties announced an agreement that would have seen them create the country\u2019s largest private-sector healthcare group by a wide margin<\/a>. The transaction would have combined Alameda properties including the flagship As Salam International and Dar El Fouad hospitals with a stable of Cleopatra assets including six high-profile facilities concentrated in the greater Cairo area. CHG had aimed to close the transaction before the end of June<\/a>, pending regulatory approvals.<\/p>\n

<\/a><\/p>\n

The sticking point? Neither party is saying \u2014 but it wasn\u2019t the regulators.<\/strong> Officials at both Cleopatra and Alameda, speaking on condition they not be named, told us this afternoon that neither the Ministry of Health nor the Egyptian Competition Authority (ECA) had factored into the decision to call off the transaction. The ECA had warned January<\/a> that it was not predisposed to approve the merger.<\/a><\/p>\n

The decision to terminate came after an extension of the long-stop date for due diligence<\/strong>, a source close to the transaction tells us.<\/p>\n

What\u2019s next for Alameda?<\/strong> Growth in capacity, including the opening of a 150 bed new hospital in the coming weeks and delivery of 100 more beds at As Salam International next month, as well as fresh investment modelled on the recently opened Dar El Fouad oncology center<\/a> in Nasr City. \u201cWe genuinely have nothing but respect for the Cleopatra team and wish them the best going forward,\u201d Alameda Chairman Dr. Fahad Khater told us. \u201cOur mission is unchanged: We are building Egypt\u2019s most dynamic platform for the delivery of quality healthcare, from preventive medicine to primary care and world-class specialities. We will continue to invest in our growth in class-A, JCI-accredited, purpose-built hospitals in Cairo and beyond \u2014 and in quality patient outcomes, just as we have always done.\u201d<\/p>\n

What\u2019s next for Cleopatra?<\/strong> The business will continue to look at avenues to grow through acquisition, says Corporate Strategy and Investor Relations Director Hassan Fikry. The company confirmed last month that it\u2019s in the market to acquire<\/a> 51% of Alexandria Medical Services, which owns the 300-bed Alexandria New Medical Center. Last fall, it acquired a 60% stake<\/a> in Bedaya Hospital. The group is also pushing ahead with ambitious targets for organic growth at its existing properties, Fikry said. \u201cAs the first institutionalized healthcare business in the industry, we continue to have first-mover advantage in a large, fast-growing market. We think Alameda is great business and wish them the best, but our focus now turns to other ways to satisfy our appetite for growth and expansion.\u201d<\/p>\n

How big was the transaction? <\/strong>The merger would have given CHG control of some 1.45k beds, equating to around 15% of beds in private sector hospitals in Greater Cairo and 4% nationwide. It would also have doubled CHG\u2019s post-close EBITDA, according to CHG CEO Ahmed Ezzeldin. Neither party put a value on the sale, but Bloomberg suggested it was in the USD 450-500 mn range. Alameda\u2019s El Khater, who was due to become Vice Chairman of CHG, would have owned 25% of Cleo post-transaction.<\/p>\n

Want more background on the transaction?<\/strong> We had a primer here in January<\/a>.<\/p>\n

Advisors:<\/strong> EFG Hermes was financial advisor to CHG while Zulficar & Partners and Freshfields Bruckhaus Deringer were counsel. ALC Alieldean, Weshahi & Partners, Matouk Bassiouny & Hennawy, White & Case and Dechert LLP were counsel to Alameda Healthcare Group, while CI Capital was financial advisor.<\/p>\n","protected":false},"excerpt":{"rendered":"

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 parties announced an agreement that […]<\/p>\n","protected":false},"author":1,"featured_media":565870,"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":[10045],"tags":[489,192,549,633,7115,7128],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-565869","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-speed-round-ma-watch","tag-alameda-healthcare","tag-cleopatra-hospitals-group","tag-egyptian-competition-authority","tag-enterprisepm","tag-healthcare","tag-ma-watch","wpautop","entry"],"acf":{"mongo_id":"80133ec1-19f8-45b2-a5a7-d96d16b62242","is_powered_by":true,"story_type":"1","photo_url":"https:\/\/ent.news\/2021\/5\/345.jpg","photo_position":"above","related_issue":[565865],"teaser":"","voice_url":""},"yoast_head":"\nHealthcare mega-merger is off - 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\/05\/10\/healthcare-mega-merger-is-off\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Healthcare mega-merger is off\" \/>\n<meta property=\"og:description\" content=\"Alameda Healthcare and EGX-listed Cleopatra Hospitals Group (CHG) will not be tying up, Cleopatra said in a brief regulatory filing (pdf) this afternoon. 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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":568369,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/12\/28\/healthcare-mega-merger\/","url_meta":{"origin":565869,"position":1},"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":571023,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/04\/27\/cleopatra-alameda-to-complete-merger-within-a-month-sources\/","url_meta":{"origin":565869,"position":2},"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":556473,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/10\/27\/cleopatra-hospitals-to-develop-a-400-bed-medical-facility-in-east-cairo\/","url_meta":{"origin":565869,"position":3},"title":"Cleopatra Hospitals to develop a 400-bed medical facility in East Cairo","author":"enterpriseam admin","date":"27 October 2021","format":false,"excerpt":"Cleopatra Hospitals Group purchased a brownfield project in East Cairo to develop into a 400-bed medical facility, according to a disclosure to the bourse (pdf). The disclosure did not specify how much Cleopatra is paying for the facility. The EGX-listed healthcare group had signed the agreement with an undisclosed seller\u2026","rel":"","context":"In "Healthcare"","block_context":{"text":"Healthcare","link":"https:\/\/enterpriseam.com\/egypt\/category\/industries\/healthcare\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2021\/10\/287.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":565869,"position":4},"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":559160,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/01\/12\/healthcare-mega-merger-dissected\/","url_meta":{"origin":565869,"position":5},"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":[]}],"_links":{"self":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/565869","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=565869"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/565869\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/afternoon\/565865"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media\/565870"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=565869"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=565869"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=565869"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=565869"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=565869"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}