Cleopatra Hospital to Ink Agreement with UAE Alameda

Cleopatra Hospital Company announced the signing of a conditional agreement to acquire the Alameda Healthcare Group in Egypt and to merge operating hospitals and medical centres.

The company said that Alameda, an Emirati company, owns and operates, through its subsidiaries, several hospitals and medical centres in Egypt, including Al Salam International Hospital in Maadi, Dar Al Fouad on the 6th of October, Dar Al Fouad in Nasr City, and Al Salam International in Katameya.

The company indicated that the final price of the deal will be determined based on several factors, the most prominent of which will be the report of the independent financial advisor.

Also, the results of the due diligence examination in terms of financial, tax, legal and technical aspects.

The company intends to pay the price of the deal by issuing convertible debt bonds for the benefit of Alameda shareholders, and the debt will be settled by issuing several shares in Cleopatra in the value of a portion of the shares sold.

After such a deal, Fahad Khater will become a major and strategic shareholder in Cleopatra Hospitals Group, with his appointment as Vice Chairman in addition to his current role as Chairman of the Board of Directors for Alameda Hospitals.