Back to the complete issue
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.

Enterprise is a daily publication of Enterprise Ventures LLC, an Egyptian limited liability company (commercial register 83594), and a subsidiary of Inktank Communications. Summaries are intended for guidance only and are provided on an as-is basis; kindly refer to the source article in its original language prior to undertaking any action. Neither Enterprise Ventures nor its staff assume any responsibility or liability for the accuracy of the information contained in this publication, whether in the form of summaries or analysis. © 2022 Enterprise Ventures LLC.

Enterprise is available without charge thanks to the generous support of HSBC Egypt (tax ID: 204-901-715), the leading corporate and retail lender in Egypt; EFG Hermes (tax ID: 200-178-385), the leading financial services corporation in frontier emerging markets; SODIC (tax ID: 212-168-002), a leading Egyptian real estate developer; SomaBay (tax ID: 204-903-300), our Red Sea holiday partner; Infinity (tax ID: 474-939-359), the ultimate way to power cities, industries, and homes directly from nature right here in Egypt; CIRA (tax ID: 200-069-608), the leading providers of K-12 and higher level education in Egypt; Orascom Construction (tax ID: 229-988-806), the leading construction and engineering company building infrastructure in Egypt and abroad; Moharram & Partners (tax ID: 616-112-459), the leading public policy and government affairs partner; Palm Hills Developments (tax ID: 432-737-014), a leading developer of commercial and residential properties; Mashreq (tax ID: 204-898-862), the MENA region’s leading homegrown personal and digital bank; Industrial Development Group (IDG) (tax ID:266-965-253), the leading builder of industrial parks in Egypt; Hassan Allam Properties (tax ID:  553-096-567), one of Egypt’s most prominent and leading builders; and Saleh, Barsoum & Abdel Aziz (tax ID: 220-002-827), the leading audit, tax and accounting firm in Egypt.