Cleopatra Hospitals to conclude merger talks with Alameda in July

EGX-listed Cleopatra Hospital Group is in the final stages of merger talks with Alameda Healthcare, intending to sign the acquisition agreement at the beginning of July , according to a source with knowledge.

The covid-19 outbreak delayed talks — and saw both sides take a second look at valuations.

CHG had its share price fall 25 percent since early February, reaching  4.32 Egyptian pounds at the end of last week compared to 5.80 pounds almost two months ago.

Cleopatra was formed in a rollup led by now-defunct private equity outfit Abraaj. The group owns six major hospitals in the Greater Cairo area including Cleopatra, Nile Badrawy, Al Shorouk, Cairo Specialised, and in November acquired El Katib Hospital in Dokki.

While Alameda is a partnership between chairman Dr. Fahad Khater and the Emirates’ KBBO Group. It owns high profile facilities including As-Salam International and Dar Al Fouad.