{"id":87284,"date":"2024-06-25T00:00:00","date_gmt":"2024-06-25T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/ksa\/2024\/06\/25\/care-to-acquire-100-of-al-salam-health-medical-hospital\/"},"modified":"2024-06-25T00:00:00","modified_gmt":"2024-06-25T00:00:00","slug":"care-to-acquire-100-of-al-salam-health-medical-hospital","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/ksa\/2024\/06\/25\/care-to-acquire-100-of-al-salam-health-medical-hospital\/","title":{"rendered":"Care to acquire 100% of Al Salam Health Medical Hospital"},"content":{"rendered":"

Care is getting 100% of Al Salam Health:<\/strong> National Medical Care (Care)<\/a> signed a share purchase agreement with Saudi Medical Care Group (SMG)<\/a> to fully acquire Al Salam Health Medical Hospital<\/a>, according to a disclosure to Tadawul<\/a>. The acquisition will see Care pay SAR 44 mn for the hospital; Care will finance the transaction through a mixture of existing cash and bank loans.<\/p>\n

Familiar faces:<\/strong> SMG owns 100% of Al Salam Health and is a substantial shareholder in Care with a 49.2% stake, according to the disclosure.<\/p>\n

Pending approvals: <\/strong>The acquisition is still subject to regulatory approvals, including the General Authority for Competition\u2019s non-objection and consents from the general assemblies of both healthcare providers and other customary conditions.<\/p>\n

The rationale: <\/strong>The acquisition aims to expand Care\u2019s healthcare offerings in the market and tap on potential investments in the sector, according to the disclosure. It is part of Care\u2019s five-year strategy<\/a> \u2014 announced in 2022 \u2014 to extend its service offerings in Riyadh and widen its patient base by serving new target groups.<\/p>\n

About Al Salam Health Medical Hospital: <\/strong>Located in Al Khobar, Al Salam Hospital is one of the largest private hospitals serving the Eastern Province with an area spanning 100k sqm and a 100-bed capacity, according to its website<\/a>. Its revenues were up 10.6% y-o-y to SAR 93.1 mn in 2023.<\/p>\n

ADVISORS- <\/strong>GIB Capital was tapped as Care\u2019s financial advisor for the acquisition, with Law Firm of Alsalloum and Altoaimi acting as its legal advisor.<\/p>\n","protected":false},"excerpt":{"rendered":"

The SAR 44 mn purchase aligns with Care\u2019s 5-year plan<\/p>\n","protected":false},"author":1,"featured_media":87285,"comment_status":"","ping_status":"open","sticky":false,"template":"","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":[2575],"tags":[2218,10,13,14,2217,2219],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-87284","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-ma-watch","tag-al-salam-health-medical-hospital","tag-enterpriseam-ksa","tag-healthcare","tag-ma-watch","tag-national-medical-care-care","tag-saudi-medical-care-group-smg","wpautop","entry"],"acf":{"mongo_id":"2c5797d6-bbe9-4348-8bc9-55f6de72aaac","order":"5","is_powered_by":false,"story_type":"1","photo_url":"https:\/\/ent.news\/2024\/6\/1550.jpg","photo_position":"above","homepage_title":"","full_issue_title":"Care closer to full acquisition of Al Salam Health Medical Hospital from Saudi Medical Group","related_issue":[87275],"teaser":"The SAR 44 mn purchase aligns with Care\u2019s 5-year plan","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2024\/6\/.f91c403c-f78f-4b00-9613-29c85c002cf5.mp3"},"yoast_head":"\nCare to acquire 100% of Al Salam Health Medical Hospital - 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