Tibbiyah inks final agreement to acquire 51% of Innovative Care

Logo of Arabian International Healthcare Holding Co.

Arabian International Healthcare Holding Co. (Tibbiyah) signed, on March 10, a definitive agreement to acquire a 51% stake in Innovative Care Co., which owns Riyadh-based medical and beauty center, “New You Medical Center”.

The agreement has a term of 180 days from the signing date and will be covered through a combination of initial cash consideration at closing and potential earn-out consideration, contingent on the future financial performance of the “New You Medical Center” business, the Nomu-listed company said in a bourse filing.

The transaction represents Tibbiyah’s first major investment in healthcare services, which aligns with its strategy to become a diversified healthcare holding company.

The agreement adds value to the company and its shareholders, as part of its plan to grow the business.

The agreement is subject to a number of pre-closing conditions, including, without limitation, obtaining the approval of both company boards, the General Authority for Competition, as well as other requirements of a regulatory and commercial nature.

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