Saudi’s Elaj to complete acquisition of majority stake in TechnoScan in November
**#5 M&A WATCH- Saudi’s Elaj to complete acquisition of majority stake in TechnoScan in November: Saudi Arabia’s Elaj Group expects to complete its acquisition of a 75% stake in medical diagnostic imaging chain TechnoScan by November, CEO Walid El Sayed says. Elaj is in the “final stages” of talks with Gulf Capital to purchase its stake in TechnoScan, and the final agreement is pending a few minor procedures. Elaj has been on an acquisition spree in Egypt over the past several months. The Saudi group 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. Elaj is also reportedly looking to purchase a hotel in Cairo to turn it into a full-service specialized hospital.