National Medical Care Company (Care), a leading Saudi healthcare provider, has announced a strategic move to expand its footprint in the kingdom’s medical services sector. The company signed a definitive agreement to acquire Al Salam Health Medical Hospital for a total consideration of 44 million Saudi riyals, translating to approximately $11. 74 million.
This acquisition aligns with Care’s vision to augment its service offerings and cater to a broader patient base. Al Salam Health boasts a multi-specialty hospital in Riyadh with a 100-bed capacity, offering a comprehensive range of medical services. The addition of this facility strengthens Care’s network and enhances its ability to deliver high-quality care across various disciplines.
The transaction underscores Care’s commitment to growth and reflects the company’s confidence in the Saudi healthcare market’s potential. The kingdom’s healthcare sector is experiencing significant growth, driven by factors such as rising disposable incomes, an aging population, and increasing government investment. This acquisition positions Care to capitalize on these favorable market trends and solidify its position as a key player in the evolving healthcare landscape.
The successful completion of the acquisition remains subject to customary closing conditions, including obtaining regulatory approvals and securing a non-objection certificate from the Saudi Arabian General Competition Authority. Additionally, the transaction requires approval from Care’s general assembly.
Care has appointed GIB Capital, a prominent financial advisory firm, to provide guidance throughout the acquisition process. Legal counsel is being provided by Alsalloum and Altoaimi, a well-respected law firm in the region.
The acquisition is expected to be finalized in the near future, following the fulfillment of all necessary conditions. Care has assured stakeholders that they will be promptly informed about the completion of the transaction or any other significant developments.
This strategic move by National Medical Care signifies a positive development for the Saudi healthcare sector. The acquisition is likely to contribute to improved access to quality medical care for patients and further stimulate growth within the industry. The combined entity’s enhanced capabilities position it to play a vital role in shaping the future of healthcare delivery in Saudi Arabia.
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