The Clap The National Medical Care company acquired the Chronic Care Specialized Medical Hospital for nearly SAR 193.2 million.
What The Chronic Care Specialized Medical Hospital is a healthcare company with its main center located in Jeddah. It offers various medical services, including comprehensive medical care, long-term nursing care, elderly care, and palliative care. Its revenue reached SAR 97 million in 2022, compared to SAR 102 million in 2021.
So What The deal, which still requires fulfillment of certain conditions, aims to contribute to Care’s investment strategy focused on expanding its presence in the healthcare sector.
The financial impact of the transaction is expected to be evident upon completion, including the transfer of ownership of the “acquired target” to the buyer.
It’s worth noting that there are related parties, including the Saudi Medical Care Group (SMG), acting as the seller and a significant shareholder in the buyer. SMG owns 49.2% of Care’s capital shares and the entire capital shares of the Chronic Care Specialized Medical Hospital.
Now What Care secured long-term Sharia-compliant financing of SAR 350 million from the Gulf International Bank to support its working capital needs, acquisition operations, and expansion efforts.