Al Ahsa Development Co. has inked a non-binding memorandum of understanding (MoU) to buy out Al Salam Medical Group in a share swap deal, the company said in a bourse filing.
The MoU will last for 90 days, the statement added.
Al Ahsa appointed Falcom Financial Services to advise on the deal.
Both companies will carry out a due-diligence to determine the acquired entity’s fair value.
Al Salam Medical Group is building a new hospital in Khobar with a capacity of 495 beds, and is expected to begin commercial operations in H2 2019.
Comments
{{DisplayName}}
{{ElapsedTime}}