{"id":593010,"date":"2019-11-14T04:00:51","date_gmt":"2019-11-14T04:00:51","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2019\/11\/14\/elaj-in-talks-to-acquire-euro-mena-iis-stake-in-egypts-international-eye-hospital\/"},"modified":"2019-11-14T04:00:51","modified_gmt":"2019-11-14T04:00:51","slug":"elaj-in-talks-to-acquire-euro-mena-iis-stake-in-egypts-international-eye-hospital","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2019\/11\/14\/elaj-in-talks-to-acquire-euro-mena-iis-stake-in-egypts-international-eye-hospital\/","title":{"rendered":"Elaj in talks to acquire Euro Mena II\u2019s stake in Egypt\u2019s International Eye Hospital"},"content":{"rendered":"<p><a class=\"content-anchor\" id=\"tldr-story-03\"><\/a> <strong>M&A WATCH- Saudi\u2019s Elaj in talks to acquire Euro Mena II\u2019s stake in International Eye<\/strong> <strong>Hospital: <\/strong><a href=\"http:\/\/www.elajgroup.com\/\">Elaj Group<\/a> has entered talks with Euro Mena II to acquire the private equity fund\u2019s 51% stake in Egyptian healthcare chain <a href=\"https:\/\/www.iehegypt.com\/en\/\">International Eye Hospital<\/a> (IEH), two sources close to the matter <a href=\"https:\/\/alborsaanews.com\/2019\/11\/13\/1265288\">told the press<\/a>. A preliminary agreement has reportedly been signed, paving the way for Elaj to conduct due diligence on the group ahead of valuation.<\/p>\n<p><strong>Elaj already has a stake in the company:<\/strong> The Saudi group already owns a <a href=\"https:\/\/www.mubasher.info\/news\/3180836\/%D9%85%D8%AC%D9%85%D9%88%D8%B9%D8%A9-%D8%B9%D9%84%D8%A7%D8%AC-%D8%A7%D9%84%D8%B3%D8%B9%D9%88%D8%AF%D9%8A%D8%A9-%D8%AA%D8%B3%D8%AA%D8%AD%D9%88%D8%B0-%D8%B9%D9%84%D9%89-15-%D9%85%D9%86-%D8%A7%D9%84%D8%B9%D9%8A%D9%88%D9%86-%D8%A7%D9%84%D8%AF%D9%88%D9%84%D9%8A-%D8%A8%D9%85%D8%B5%D8%B1\">15% stake in EIH<\/a>, which would increase to 66% if they reach an agreement with Euro Mena.<\/p>\n<p><strong>We could see an agreement as soon as 1Q2020,<\/strong> one of the sources said. Euro Mena is reportedly eager to exit IEH, and is only waiting for a reasonable offer.<\/p>\n<p><strong>Where does this leave talks with the UK-based fund?<\/strong> We learned <a href=\"https:\/\/enterprise.press\/stories\/2019\/06\/17\/uk-based-fund-enters-talks-to-acquire-euro-mena-iis-majority-stake-in-international-eye-hospital\/\">earlier this year<\/a> that an unknown UK-based fund was in talks with Euro Mena over acquiring stake in EIH. We haven\u2019t heard anything since then, but yesterday\u2019s article seems to imply that the offer remains on the table.<\/p>\n<p><strong>Euro Mena I, II, and III are separate funds owned by a Lebanese private equity firm,<\/strong> <a href=\"https:\/\/euromenafunds.com\/\">EuroMena Funds<\/a>.<\/p>\n<p><strong>Strategy to focus on Lebanon: <\/strong>The firm <a href=\"https:\/\/enterprise.press\/stories\/2017\/08\/28\/euromena-to-sell-stake-in-three-egyptian-companies-as-part-of-shifting-regional-strategy\/\">announced in 2017 a plan<\/a> to exit investments in three Egyptian companies owned by Euro Mena I. The plan was reportedly part of a strategy to shift its focus to Lebanon, as well as to Africa-based companies with ties to the Lebanese diaspora.<\/p>\n<p><strong>Other interested parties, previous bids: <\/strong>The <a href=\"https:\/\/almalnews.com\/tbg-%D9%88%D9%83%D8%A7%D8%B1%D9%84%D8%A7%D9%8A%D9%84-%D8%A7%D9%84%D8%B9%D8%A7%D9%84%D9%85%D9%8A%D8%A7%D9%86-%D9%8A%D8%A8%D8%AD%D8%AB%D8%A7%D9%86-%D8%B9%D9%86-%D9%81%D8%B1%D8%B5\/\">local press reported<\/a> in March that US private equity firm <a href=\"https:\/\/www.tpg.com\/\">TPG<\/a> was considering making a bid for the International Eye Hospital. Euro Mena II has reportedly rejected two informal offers: one from private equity fund <a href=\"http:\/\/ezdehar.com\/who-we-are\/our-investors\/\">Ezdehar Management<\/a> and another from a group of physicians who are also shareholders in the target hospital. Euro Mena II tapped global advisory firm Lazard last year as financial advisor and Matouk Bassiouny as legal counsel on the potential transaction.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>M&#038;A WATCH- Saudi\u2019s Elaj in talks to acquire Euro Mena II\u2019s stake in International Eye Hospital: Elaj Group has entered talks with Euro Mena II to acquire the private equity fund\u2019s 51% stake in Egyptian healthcare chain International Eye Hospital (IEH), two sources close to the matter told the press. A preliminary agreement has reportedly [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":593011,"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":[11053,72,11054,7115,125,10811,758,2380],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-593010","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-speed-round","tag-elaj-group","tag-enterpriseam","tag-euromena-funds","tag-healthcare","tag-investment-watch","tag-mas","tag-private-equity","tag-speed-round","wpautop","entry"],"acf":{"mongo_id":"3c3705ff-1346-4bcd-bbb8-09efb6d2b8b7","is_powered_by":true,"section_story_id":"b3d42c78-d202-4c3e-9f10-5a5737b3b632","story_type":"1","photo_url":"https:\/\/ent.news\/2019\/11\/809.jpg","photo_position":"above","related_issue":[593001],"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>Elaj in talks to acquire Euro Mena II\u2019s stake in Egypt\u2019s International Eye Hospital - 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\/2019\/11\/14\/elaj-in-talks-to-acquire-euro-mena-iis-stake-in-egypts-international-eye-hospital\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Elaj in talks to acquire Euro Mena II\u2019s stake in Egypt\u2019s International Eye Hospital\" \/>\n<meta property=\"og:description\" content=\"M&amp;A WATCH- Saudi\u2019s Elaj in talks to acquire Euro Mena II\u2019s stake in International Eye Hospital: Elaj Group has entered talks with Euro Mena II to acquire the private equity fund\u2019s 51% stake in Egyptian healthcare chain International Eye Hospital (IEH), two sources close to the matter told the press. 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The transaction is expected to be\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":625066,"url":"https:\/\/enterpriseam.com\/egypt\/2018\/09\/26\/saudis-elaj-to-complete-acquisition-of-majority-stake-in-technoscan-in-november\/","url_meta":{"origin":593010,"position":1},"title":"Saudi\u2019s Elaj to complete acquisition of majority stake in TechnoScan in November","author":"enterpriseam admin","date":"26 September 2018","format":false,"excerpt":"**#5 M&A WATCH- Saudi\u2019s Elaj to complete acquisition of majority stake in TechnoScan in November: Saudi Arabia\u2019s Elaj Group expects to complete its acquisition of a 75% stake in medical diagnostic imaging chain TechnoScan by November, CEO Walid El Sayed says. Elaj is in the \u201cfinal stages\u201d of talks with\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":631773,"url":"https:\/\/enterpriseam.com\/egypt\/2018\/03\/27\/saudis-elaj-extends-acquisition-spree-with-stake-in-under-construction-paediatric-hospital\/","url_meta":{"origin":593010,"position":2},"title":"Saudi\u2019s Elaj extends acquisition spree with stake in under-construction paediatric hospital","author":"enterpriseam admin","date":"27 March 2018","format":false,"excerpt":"M&A WATCH- Elaj Group continues healthcare acquisition spree: Saudi Arabia\u2019s Elaj Group has acquired a majority stake in Cairo Clinic Children\u2019s Hospital in transaction worth EGP 9 mn, sources close to the matter tell Al Mal. The EGP 60 mn hospital remains stalled in the construction stage after running into\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":634918,"url":"https:\/\/enterpriseam.com\/egypt\/2018\/01\/29\/saudis-elaj-group-planning-to-build-egp-500-mn-oncology-hospital-in-egypt\/","url_meta":{"origin":593010,"position":3},"title":"Saudi\u2019s Elaj Group planning to build EGP 500 mn oncology hospital in Egypt","author":"enterpriseam admin","date":"29 January 2018","format":false,"excerpt":"INVESTMENT WATCH- Saudi Arabia\u2019s Elaj Group is planning to build a EGP 500 mn oncology hospital in Cairo, sources close to the matter say, Al Mal reports. They added that Elaj plans to complete construction by year\u2019s end and begin operations in 2019. The Saudi group will finance the project\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":636807,"url":"https:\/\/enterpriseam.com\/egypt\/2017\/11\/01\/elaj-reportedly-acquires-15-stake-in-international-eye-hospital\/","url_meta":{"origin":593010,"position":4},"title":"Elaj reportedly acquires 15% stake in International Eye Hospital","author":"enterpriseam admin","date":"1 November 2017","format":false,"excerpt":"M&A WATCH- Saudi\u2019s Elaj Group is on a tear. Fresh off its acquisition of 74% of clinical laboratory group Cairo Labs, the group has reportedly acquired a 15% stake in the International Eye Hospital, buying out a group of doctors\u2019 stakes in the facility, sources tell Al Borsa. The value\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":637733,"url":"https:\/\/enterpriseam.com\/egypt\/2017\/11\/23\/saudis-elaj-group-buys-alexandria-international-ibn-sina-specialized-hospital\/","url_meta":{"origin":593010,"position":5},"title":"Saudi\u2019s Elaj Group buys Alexandria International, Ibn Sina Specialized Hospital","author":"enterpriseam admin","date":"23 November 2017","format":false,"excerpt":"M&A WATCH- Saudi Arabia\u2019s Elaj Group has acquired Alexandria International Hospital and Ibn Sina Specialized Hospital, Al Mal reports citing sources close to the matter. (The latter is of no relation to Ibnsina Pharma, above). Elaj completed the transaction on Alexandria International earlier in the week, with the newspaper speculating\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":[]}],"_links":{"self":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/593010","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=593010"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/593010\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/593001"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media\/593011"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=593010"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=593010"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=593010"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=593010"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=593010"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}