Fakeeh Care begins negotiations to acquire majority stake in Diagnostics Elite

Logo of Soliman Abdel Kader Fakeeh Hospital Co. (Fakeeh Care)

Soliman Abdel Kader Fakeeh Hospital Co. (Fakeeh Care) and its subsidiaries, Fakeeh Care Group, are set to begin negotiations to acquire a majority stake in Diagnostics Elite Co., which would make it a subsidiary fully owned by Fakeeh Care.

Fakeeh Care’s board of directors approved the decision on Nov. 4, the company said in a statement to Tadawul.

The acquisition will be executed through Soliman Abdel Kader Fakeeh Real Estate Co. Ltd. — 50.01%-owned by Fakeeh Care Group — transferring its investment in Diagnostics Elite to Fakeeh Care.

The transaction aims to integrate Diagnostics Elite’s services into the group’s healthcare platform.

The deal is subject to regulatory approvals and related procedures to complete the transfer between both parties, the statement noted, adding that any material developments will be announced in due course in accordance with applicable regulations.

Diagnostics Elite was established six years ago and operates in the local market in two main areas: teleradiology and specialized medical education services, Argaam data showed.