The Clap
Tibbiyah (9530), a leading provider of integrated healthcare solutions, announced that it has acquired 51% of Innovative Care.
The Deets
This acquisition will see Tibbiyah obtain a controlling stake in Innovative Care, which owns New You Medical Center and iPharma Pharmacy.
The acquisition will be for SAR 109.5 million, as well as an additional SAR 104 million to be paid over three years depending on the financial performance of the company.
The acquisition is expected to be reflected by Q3 in 2022.
New You Medical Center
New You Medical Center is a pioneer in one-day surgery in KSA, specializing in obesity, plastic surgery, and reconstructive surgery.
The center possesses an elite group of doctors and consultants, uses the latest advanced technology, and is supported by iPharma Pharmacy.
Why this Matters
The acquisition will add value to Tibbiyah and its shareholders, as the current operations of the New You Medical Center record fixed annual revenues of more than SAR 120 million.
This will allow the company to further expand, diversify its customer base, and generate steady cash flow.
Tibbiyah acquires 51% of Innovative Care 🏥
