Dallah Healthcare agreed to acquire the remaining shares in Care Shield Holding Co., completing a buyout that gives the Saudi healthcare provider full ownership of the operator of Kingdom Hospital and Consulting Clinics.
The Riyadh-based company will purchase a 41.36% stake held by Growth Avenue Investments Co. for about 434 million riyals ($116 million), according to a filing. Growth Avenue is wholly owned by Maharah Human Resources Co., a listed Saudi firm. Dallah Healthcare already owned 58.64% of Care Shield.
The deal will be financed through Dallah Healthcare’s internal resources and existing credit facilities. Saudi Arabia’s General Authority of Competition has issued a “no notification required” certificate for the transaction, the company said.
