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Wednesday, 23 May 2018

Golf International Hospital closing in on acquiring Al Masah Hospital for EGP 45 mn

M&A WATCH- Heliopolis-based Golf International Hospital (GIH) is closing in on a EGP 45 mn acquisition of Al Masah Hospital, GIH CFO Mohamed Abdelaaty tells Al Mal. The contract for the transaction should be signed by the end of Ramadan, according to Abdelaaty. The two hospitals began talks on the transaction a while ago, but had already reached a separate agreement several years back for GIH to take over management of Al Masah. The agreement would see GIH paying c. EGP 20-30 mn for Al Masah as well as obligations to suppliers worth some EGP 15 mn. GIH had been shut down earlier this month by the Health Ministry over allegations of “life threatening” violations, but that decision has since been reportedly revoked.

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