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Tuesday, 9 July 2019

Cleopatra denies knowledge of Actis’ impending Creed Healthcare takeover

M&A WATCH- Cleopatra Hospitals Group (CHG) has said that it has no knowledge of an impending management takeover of the company’s majority shareholder Creed Healthcare and its subsidiary, Care Healthcare, by private equity fund Actis. The company “has not been informed of any change in shareholding structure, company directors or officers,” it said in a statement (pdf). Cleopatra Group said it has also “received confirmation from Care Healthcare Ltd of no change in status.” Local media reported on Sunday that the fund had received regulatory approval to take over the management of Creed Healthcare from defunct private equity giant Abraaj. Creed Healthcare owns a 69.4% stake in CHG.

What does Creed’s current shareholder structure look like? Creed Healthcare’s direct and indirect shareholders include the European Bank for Reconstruction and Development, Proparco, and Germany’s DEG (which directly hold a combined 27.5%), and private equity funds ANAF II and APEF IV holding 30% and 42.5%, respectively. APEF IV is under the management of Abraaj’s fund management business, AIML, while ANAF II is currently managed by RMBV, a Dutch fund management vehicle in which Cleopatra Hospitals Group Chairman Ahmed Badreldin is a director.

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