Fitaihi associate acquires three medical entities in Jeddah

Fitaihi Holding Group (Fitaihi Group) said associate company International Medical Center (IMC) acquired three medical entities in north Jeddah, namely The First Clinic, Tadawi Center, and First Scan.

The acquisition represents 100 percent of the capital of the three companies; The First Clinic Co., Khutwat Tadawi Medical Center and the First Scan Co., the company said in a statement to Tadawul.

IMC is planning to boost operations in the three acquired units, open new specialized clinics, and provide additional services.

The deal is expected to be finalized by Q3 2019, subject to the regulatory approvals.

The relevant financial impact is forecast to reflect on Q3 2019 financials, the statement added.

IMC appointed PWC to conduct the financial studies as well as the due diligence, Morgan Lewis to carry out the related legal procedures and TAHPI to finalize other market and technical measures related to the acquisition deal. 

The acquisition deal, which will be financed from internal resources, comes within IMC’s expansionary plans, in line with the Saudi National Transformation Program.

In March 2018, the International Medical Center joined Mayo Clinic Care Network. Through a formalized relationship with Mayo Clinic, International Medical Center health care providers have access to an array of clinical resources that aim to promote collaboration and enhance locally provided care.

IMC is capitalized at SAR 750 million, of which Fitaihi owns a 19.25 percent stake