{"id":568888,"date":"2020-02-06T04:23:52","date_gmt":"2020-02-06T04:23:52","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2020\/02\/06\/cleopatra-alameda-are-in-merger-talks-eca-isnt-happy\/"},"modified":"2020-02-06T04:23:52","modified_gmt":"2020-02-06T04:23:52","slug":"cleopatra-alameda-are-in-merger-talks-eca-isnt-happy","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2020\/02\/06\/cleopatra-alameda-are-in-merger-talks-eca-isnt-happy\/","title":{"rendered":"Cleopatra, Alameda are in merger talks; ECA isn\u2019t happy"},"content":{"rendered":"<p><a id=\"tldr-story-02\" class=\"content-anchor\"><\/a> <strong>M&A WATCH- Healthcare giants Alameda and Cleopatra are in merger talks \u2014 and the ECA isn\u2019t<\/strong><strong> too happy about it: <\/strong>The Egyptian Competition Authority (ECA) is reportedly looking to block ongoing merger talks between leading private healthcare providers Cleopatra Hospitals Group and Alameda Healthcare, \u0650<a href=\"https:\/\/www.almasryalyoum.com\/news\/details\/1468615\">Al Masry Al Youm<\/a> reports, quoting unnamed government sources. News that the ECA could intervene emerged after unnamed sources confirmed the talks <a href=\"https:\/\/bit.ly\/372F6qq\">to Al Mal<\/a>. Sources close to the talks confirmed to Enterprise that the two healthcare groups are in discussions. Cleopatra said in <a href=\"https:\/\/www.egx.com.eg\/downloads\/Bulletins\/239414_1.pdf\">a bourse disclosure (pdf)<\/a> earlier this week it had not signed contracts, but did not deny it is in talks.<\/p>\n<p><strong>The ECA is warning it could take unspecified \u201cstrict legal measures\u201d to block the merger<\/strong> and has already asked the Health Ministry to fall back on a 2014 ministerial decree preventing ownership transfer at private hospitals without the greenlight from authorities. The move comes after the ECA weighed the negative effects a merger would have on competition, the sources said.<\/p>\n<p><strong>But here\u2019s the thing: As big as these two groups are, they\u2019re a drop in the bucket when it comes to total hospital beds in Cairo<\/strong>, let alone Egypt as a whole. Cleopatra has about 780 beds according to its most recent investor presentation, while Alameda has about 670. That would give the combined entity something around 1,450 beds \u2014 Egypt has at least 152k hospital beds, according to data from the <a href=\"https:\/\/apps.who.int\/medicinedocs\/documents\/s17293e\/s17293e.pdf\">World Health Organization (pdf)<\/a>, a figure that roughly squares with independent estimates the country as about 1.3-1.5 beds per 1k people.<\/p>\n<p><strong>The merged entity would have great brands, but far from enough beds to be anti-competitive. <\/strong>Colliers, the real estate consultancy, <a href=\"https:\/\/www.cityscapeegypt.com\/content\/dam\/Informa\/cityscapeegypt\/en\/2018\/pdfs\/EgyptHealthCare.pdf\">says Egypt had about 131k hospital beds<\/a> in 2014. There are at least 33k beds in the private sector, while 41k are owned by the Ministry of Health and another 56k beds are run by entities affiliated with the state. Using Colliers\u2019 figures, that would give the merged entity about a <strong>4.4% market share of private sector beds<\/strong> and a market share of about <strong>1.1% of the total market<\/strong>.<\/p>\n<p><strong>What can the authority do? <\/strong>The ECA has the right to slap fines and impose post-merger conditions (similar to what it recently did with the <a href=\"https:\/\/enterprise.press\/stories\/2019\/12\/30\/merged-uber-careem-to-operate-in-egypt-under-eca-rules-9342\/\">Uber-Careem merger<\/a>), but only if it can prove that a merger constitutes a breach of the Antitrust Act with imminent and irreversible damage to consumers and \/ or to competition itself. You can check out our complete guide on <a href=\"https:\/\/enterprise.press\/stories\/2019\/04\/08\/the-egyptian-competition-authoritys-guide-to-how-to-use-anti-cartel-legislative-provisions-to-control-and-review-mergers\/\">anti-cartel legislative provisions<\/a> for a sense of the scope of the ECA\u2019s powers. The authority is currently drafting legislation to give it sharper teeth against anti-competitive M&A, Chairman Amir Nabil <a href=\"https:\/\/enterprise.press\/stories\/2019\/12\/30\/merged-uber-careem-to-operate-in-egypt-under-eca-rules-9342\/\">said last December<\/a> \u2014 including, if those regs go through, formal right to approve any merger or acquisition worth more than EGP 100 mn.<\/p>\n<p><strong>Who are Cleopatra and Alameda? <\/strong>Cleopatra was formed in a rollup led by Abraaj. Listed on the EGX, its largest shareholder is now Care Healthcare, which holds 37.73%. The remaining shares are in freefloat, <a href=\"https:\/\/www.egx.com.eg\/downloads\/Bulletins\/238960_1.pdf\">according to a regulatory filing (pdf)<\/a>. The group owns six major hospitals in the Greater Cairo area including Cleopatra, Nile Badrawy, Al Shorouk and Cairo Specialised. Most recently, it acquired El Katib Hospital in Dokki <a href=\"https:\/\/enterprise.press\/stories\/2019\/11\/06\/egypts-cleopatra-group-finalizes-el-katib-hospital-acquisition\/\">in November last year<\/a>. Alameda, a partnership between CEO Dr. Fahad Khater and the Emirates\u2019 KBBO Group, owns high profile facilities including As-Salam International and Dar Al Fouad.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>M&#038;A WATCH- Healthcare giants Alameda and Cleopatra are in merger talks \u2014 and the ECA isn\u2019t too happy about it: The Egyptian Competition Authority (ECA) is reportedly looking to block ongoing merger talks between leading private healthcare providers Cleopatra Hospitals Group and Alameda Healthcare, \u0650Al Masry Al Youm reports, quoting unnamed government sources. News that [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":568889,"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":[8572],"tags":[489,2383,7411,549,4542,72,7115,4543,7128,2380],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-568888","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-speed-round","tag-alameda-healthcare","tag-antitrust","tag-cleopatra","tag-egyptian-competition-authority","tag-el-katib","tag-enterpriseam","tag-healthcare","tag-kbbo","tag-ma-watch","tag-speed-round","wpautop","entry"],"acf":{"mongo_id":"3af798f4-7695-4a7a-803d-22e70b19121b","is_powered_by":true,"section_story_id":"3e3869cb-c09d-4732-8eca-b11bd876b270","story_type":"1","photo_url":"https:\/\/ent.news\/2020\/2\/96.jpg","photo_position":"above","related_issue":[568880],"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>Cleopatra, Alameda are in merger talks; ECA isn\u2019t happy - 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\/2020\/02\/06\/cleopatra-alameda-are-in-merger-talks-eca-isnt-happy\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Cleopatra, Alameda are in merger talks; ECA isn\u2019t happy\" \/>\n<meta property=\"og:description\" content=\"M&amp;A WATCH- Healthcare giants Alameda and Cleopatra are in merger talks \u2014 and the ECA isn\u2019t too happy about it: The Egyptian Competition Authority (ECA) is reportedly looking to block ongoing merger talks between leading private healthcare providers Cleopatra Hospitals Group and Alameda Healthcare, \u0650Al Masry Al Youm reports, quoting unnamed government sources. 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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 &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":569112,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/02\/13\/the-egyptian-competition-authoritys-bid-to-block-cleopatra-alameda-merger-highlights-its-lack-of-effective-oversight-powers-eces\/","url_meta":{"origin":568888,"position":1},"title":"The Egyptian Competition Authority\u2019s bid to block Cleopatra-Alameda merger highlights its lack of effective oversight powers -ECES","author":"enterpriseam admin","date":"13 February 2020","format":false,"excerpt":"M&A WATCH- Competition watchdog\u2019s bid to block Cleopatra-Alameda merger highlights its lack of effective oversight powers: The Egyptian Competition Authority (ECA) lacks the legal tools it would need to effectively act as an anti-monopoly and fair competition regulator, the Egyptian Center for Economic Studies (ECES) said. This gap in the\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":558929,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/01\/03\/chg-alameda-merger-faces-antitrust-headwinds\/","url_meta":{"origin":568888,"position":2},"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 &quot;COMPETITION WATCH&quot;","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":572305,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/06\/21\/cleopatra-denies-alameda-merger-happening-this-week\/","url_meta":{"origin":568888,"position":3},"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 &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":568932,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/02\/09\/egyptian-competition-authority-probes-cairo-3as-bid-to-acquire-starch-and-glucose-company\/","url_meta":{"origin":568888,"position":4},"title":"Egyptian Competition Authority probes Cairo 3A\u2019s bid to acquire Starch and Glucose Company","author":"enterpriseam admin","date":"9 February 2020","format":false,"excerpt":"M&A WATCH- ECA probing Cairo 3A\u2019s bid to acquire majority stake in Starch and Glucose Company: The Egyptian Competition Authority (ECA) has asked for details on a bid by commodities and poultry trader Cairo 3A to acquire a major stake in the Egyptian Starch and Glucose Company\u2019s (ESGC) before greenlighting\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":559803,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/02\/04\/i-have-the-power\/","url_meta":{"origin":568888,"position":5},"title":"I have the power","author":"enterpriseam admin","date":"4 February 2021","format":false,"excerpt":"The Egyptian Competition Authority (ECA) is waiting on the House of Representatives to sign off on proposed amendments to the Antitrust Act this year to be able to properly fulfill its role as a regulator, the authority\u2019s newly-appointed chairman Mahmoud Momtaz said at a presser yesterday, according to the local\u2026","rel":"","context":"In &quot;M&amp;A WATCH&quot;","block_context":{"text":"M&amp;A WATCH","link":"https:\/\/enterpriseam.com\/egypt\/category\/ma-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2021\/2\/84.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\/568888","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=568888"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/568888\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/568880"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media\/568889"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=568888"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=568888"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=568888"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=568888"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=568888"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}