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Tuesday, 15 September 2020

Speed Medical acquires Misr Laboratories for EGP 10 mn

M&A WATCH- Upstart labs outfit Speed Medical signed a sale and purchase agreement to acquire Misr Laboratories in a transaction worth up to EGP 10 mn, according to a regulatory filing (pdf). The acquisition includes Misr Laboratories' eight branches across Beni Suef, Al Manial, and Atfih. Speed made an initial payment of EGP 1 mn on signing the contract, and will pay the remaining amount — which will be determined after it completes its due diligence and an audit of the next three month of sales. The total value of the agreement is capped at EGP 10 mn. The remaining payment is due by 16 December.

Background: This latest acquisition comes after Speed announced its takeover of City Labs in June, with a view to completing the acquisition of the network's 23 labs by the end of 2020. SPMD CEO Mahmoud Lasheen said the company also planned to open seven new medical labs worth EGP 12 mn in Alexandria this month, bringing the company's national branch count to 100.

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