Abraaj makes offer for Cairo Medical Center


cairo hospitalEmerging markets-focused private equity firm Abraaj has made a bid for Egyptian Stock Exchange listed private hospital Cairo Medical Center.

Abraaj has submitted a tender offer to buy up to 100 per cent of the hospital, which has 177 beds, eight operating rooms, a cardiac investigation center, a physiotherapy department, a laboratory and an imaging center in Heliopolis.

The firm has received irrevocable undertakings for 50.09 per cent of the shares and the offer is conditional to 51 per cent of the total outstanding shares being tendered.

Abraaj plans to upgrade the hospital’s medical facilities, install new equipment and invest in staff training.

The firm noted that it has previously invested in Turkish healthcare group Acibadem and during its ownership, the business grew to 14 from six hospitals and its bed capacity climbed to more than 1,850 from 750.

Head of MENA at Abraaj Ahmed Badreldin said, “Our investment in Cairo Medical Center fits our wider strategy of supporting resilient and critical industries such as healthcare, and helping to facilitate the provision of quality and affordable healthcare with a strong focus on upgrading facilities and medical technology to improve overall patient care standards.”

Last month Abraaj bought a stake in Thai out-of-school education business KPN Academy.

Copyright © 2014 AltAssets