Mediterrania Capital to merge MetaMed and Cairo Scan ahead of IPO
IPO WATCH- Mediterrania Capital Partners will merge its newly acquired diagnostics network MetaMed with Cairo Scan with an eye on IPOing the new company, the Spanish private equity firm’s Senior Country Advisor Khaled Sabaa said, according to Al Mal. Mediterrania plans to create a 45-branch regional diagnostics firm to be helmed by Cairo Scan director Hatem El Gabaly. The firm will move to list on the EGX “within a few years,” Sabaa said. MetaMed operates in Egypt, Jordan and Saudi Arabia.
Background: Ray Lab, owned by a consortium of investors led by Spain’s Mediterrania Capital Partners, last week acquired diagnostics imaging network MetaMed from Gulf Capital in an agreement Sabaa said was worth over EUR 100 mn. The consortium includes Cairo Scan, Germany’s DEG, Dutch development bank FMO, France’s Proparco, and the EBRD. Mediterrania Capital acquired a 40% stake in Cairo Scan in 2018, in a transaction Al Mal reported was worth EUR 286 mn.