National Medical Care Company (Care) has signed a share purchase agreement with Saudi Medical Care Group to acquire its 100% stake in Jeddah-headquartered Chronic Care Specialized Medical Hospital for 193.21 million Saudi riyals ($51.51 million).

The purchase price will be paid in cash using internal resources and bank loans, the hospital operator said in a statement to the Saudi stock exchange on Sunday.

The deal is subject to fulfilment of several conditions, including regulatory and shareholders' approvals.

Chronic Care provides services, such as comprehensive medical care, long-term nursing care, hospice care, palliative care, and other medical services.  

Care has appointed GIB Capital as a financial advisor, while AlSalloum and AlToaimi has been named legal advisor. 

(Editing by Seban Scaria seban.scaria@lseg.com)