Abraaj to acquire Egypt’s Cairo Medical Centre

June 21, 2014 1:40 pm

UAE-based Abraaj Group has submitted a mandatory tender offer to acquire all the shares in the Cairo Medical Centre, Bloomberg has reported. The hospital group, which has a market value of EGP206.5m ($29m), is a tertiary care facility with 177 beds located in east Cairo. The offer for the hospital group is conditional on 51% of the outstanding shares being tendered, Dubai-based Abraaj said. The company, which manages about $7.5bn, has so far obtained “irrevocable sale undertakings from shareholders owning 50.09%” of the company’s equity, it said. Abraaj said it plans “significant” investment to upgrade facilities and staff training to improve service quality.