Saudi’s Elaj in advanced talks to acquire majority stake in TechnoScan labs
M&A WATCH- Saudi’s Elaj in advanced talks to acquire majority stake in TechnoScan: Saudi Arabia’s Elaj Group is reportedly in advanced talks with Gulf Capital to acquire its 75% stake in medical diagnostic imaging chain TechnoScan, sources close to the matter tell Al Mal. The transaction is expected to be final by the final quarter of the year, the newspaper suggests. Gulf Capital has been trying to sell its stake in TechnoScan since 2016. No details on the value of the transaction were disclosed. Elaj, which has been on an acquisition spree in Egypt this year, is also looking to purchase a hotel in Cairo to turn into a full-service specialized hospital. The Saudi Group has already acquired the Alexandria International Hospital and Ibn Sina Specialized Hospital and picked up a majority stake in Cairo Clinic Children’s Hospital, as well as stakes in clinical laboratory group Cairo Labs and the International Eye Hospital.
The news comes just one day after medical diagnostics leader IDH announced it is venturing into the radiology market.