RIYADH: Egypt’s Cleopatra Hospitals Group said its bid to acquire Alameda Healthcare through a sale and purchase agreement of shares has been halted.
It made the disclosure in a filing to the Egyptian Stock Exchange on Monday.
The proposed deal was originally announced by Cleopatra in late December 2020, with an estimated value of about $500 million.
But it was quickly followed by an announcement from the Egyptian Competition Authority saying that it did not agree in principle to the acquisition.
It highlighted the potential consolidation of Cleopatra’s dominance over hospitals around Cairo and Giza.
Alameda Healthcare’s network includes four tertiary care hospitals in Cairo, two of which are currently being constructed. Once the facilities are fully commissioned Alameda Healthcare will have a capacity of 890 beds, according to its website. The network also includes facilities in Kuwait and London, outpatient clinics, diagnostic centers, specialist centers, pharmacies, and a rehabilitation center.
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