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Saudi’s Care buys Jeddah hospital for $52m

Care's Jeddah hospital deal is subject to approval by Saudi Arabia’s General Authority for Competition Unsplash/Olga Guryanova
Care's Jeddah hospital deal is subject to approval by Saudi Arabia’s General Authority for Competition

Saudi Arabian hospitals operator National Medical Care Company (Care) has agreed to buy Saudi Medical Care Group’s 100 percent stake in a hospital in Jeddah for SAR193.22 million ($51.51 million).

The acquisition of the Chronic Care Specialized Medical Hospital will support Care’s health service expansion strategy and take advantage of the growth opportunities available in the domestic market, the company said in a bourse filing.

The purchase price will be paid fully in cash through internal sources and bank loans.

The agreement is subject to several conditions, including regulatory approvals and non-objection from Saudi Arabia’s General Authority for Competition.

Located in Jeddah, Chronic Care provides medical services such as comprehensive medical care, long-term nursing care, hospice care and palliative Care.

Care also announced it had secured a Murabaha loan facility of SAR350 million, split into a SAR100 million renewable revolving loan and a SAR250 million long-term loan for 10 years with an additional one-year grace.

The credit facilities will finance the company’s working capital needs and support acquisitions and expansion strategy.

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