Dallah Healthcare Co. signed a non-binding memorandum of understanding (MoU) to acquire a majority stake in Makkah Medical Center Co., the Saudi healthcare services provider said in a bourse statement.
The MoU will be effective as of the signing date until June 30, 2020.
The final value of the potential deal, which will be paid in cash, will be defined upon finalizing the due diligence process.
The deal involved no related parties, the statement added.
The potential deal is subject to the approval of the competent authorities.
Makkah Medical Center hospital, owned by Makkah Medical Center Co., has a capacity of 120 beds and 40 clinics. Dallah Healthcare currently owns 7.5% of Makkah Medical Center Co.
The deal came in line with Dallah Healthcare Co.’s expansionary strategy.
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