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Wednesday, 17 February 2021

Speed Medical buying out partners in Prime Speed?

Diagnostics and healthcare firm Speed Medical (SPMD) wants to take 100% ownership of Prime Speed Healthcare, according to a report in Al Mal’s print edition, citing unnamed sources that claim Speed Medical’s board of directors signed off on the acquisition yesterday. The value of the transaction was not disclosed.

The transaction would give SPMD 100% ownership of Prime Speed for Medical Services, in which it currently holds a 30% stake. SPMD had set up Prime Speed last year, with other shareholders including Prime Egypt Group Chairman Tamer Waguih, as well as Modern Solutions Company.

SPMD has been on an acquisition spree for several months. It recently completed the purchase of Misr Laboratories’ Beni Suef branches and is preparing to sign the final agreements to buy 100% of Al Hayat Labs and 50% of City Lab. Its subsidiary Speed Hospitals is also leading a consortium that is looking to acquire a 100% stake in Six of October’s New Al Safwa Specialized Hospital

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